Lawsuit seeks class action status against Bucyrus
Robbins Geller Rudman & Dowd LLP, a San Diego law firm, has filed a class action lawsuit on behalf of an institutional investor against Bucyrus International Inc.
The suit, filed in the United States District Court for the Eastern District of Wisconsin on behalf of all persons who held shares of the common stock of Bucyrus, is related to the Nov. 15 announcement that Bucyrus will be acquired by Caterpillar Inc.
The suit is filed against, Bucyrus and its board of directors for violations of the Securities Exchange Act of 1934.
The complaint alleges that the acquisition is the product of a fundamentally flawed process, undertaken in breach of the board’s fiduciary duties.
Such lawsuits are becoming commonplace when publicly traded companies are acquired, as law firms line up to try to represent the lead plaintiffs.
