Crexus Sued by Shareholder
By Sophia Pearson - Feb 12, 2013 6:36 PM ET
Crexus Investment Corp was sued by one of the company's largest investors holding 9.9% of the company's stock claiming that takeover bid for the company is too low.
Crexus directors breached their fiduciary duty to shareholders by agreeing to provisions that restrain other bidders, IRT Capital said in a complaint filed today in Supreme Court in New York County.
“Given Crexus's future growth prospects, the consideration shareholders will receive is inadequate and undervalues the company,” IRT said in the complaint. “
IRT seeks to represent all Crexus shareholders in his bid to block the deal and is requesting unspecified damages.
Mike O’Malley, a spokesman for Crexus, declined to comment on the complaint.
The case is IRT v. Crexus, New York State Supreme Court (Manhattan).
The law firm is Tripp Levy PLLC 1-877-772-3975