The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Hawk C...
October 19 2010 - 2:23PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Hawk Corporation (AMEX:HWK) for possible breaches of
fiduciary duty and other violations of state law in connection with
their attempt to sell the Company to Carlisle Companies, Inc.
(NYSE:CSL). Under the terms of the proposed transaction, Hawk
shareholders will receive $50.00 per share in cash which implies an
enterprise value of approximately $410 million. Ronald Weinberg,
Hawk's chairman and CEO, along with directors Norman Harbert and
Byron Krantz, who collectively hold approximately 34% of Hawk's
outstanding common stock, have entered into agreements with
Carlisle to tender their shares.
The transaction is expected to be accretive to Carlisle in the
first year. The investigation concerns whether the Hawk Board of
Directors breached their fiduciary duties to Hawk stockholders by
failing to adequately shop the Company before entering into this
transaction and whether Carlisle is underpaying for Hawk shares.
The offer price represents virtually no premium over the $49.99
share price that Hawk shares traded at as recently as October 12,
2010.
If you own common stock in Hawk and wish to obtain additional
information, please contact Abe Shainberg, Esq. either via email at
as@ashainberglaw.com or by telephone at (212) 425-7286, or visit
http://www.ashainberglaw.com/hawk-hwk.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide.
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