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SHAREHOLDER ALERT: WeissLaw LLP Investigates Foundation Building Materials, Inc.

·2 min read

NEW YORK, Nov. 16, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Foundation Building Materials, Inc. ("FBM" or the "Company") (NYSE: FBM) in connection with the proposed acquisition of the Company by American Securities LLC ("American"). Under the terms of the merger agreement, the Company's shareholders will receive only $19.25 in cash for each share of FBM common stock that they own. An affiliate of Lone Star Funds ("Lone Star"), a global private equity firm, acquired FBM in 2015 and has maintained a majority ownership since the Company's initial public offering in 2017. Following execution of the merger agreement, Lone Star approved the transaction by written consent.

WeissLaw LLP (PRNewsfoto/WeissLaw LLP)
WeissLaw LLP (PRNewsfoto/WeissLaw LLP)

If you own FBM shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

http://www.weisslawllp.com/fbm/

Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw is investigating whether (i) the special committee of FBM's board was truly independent and acted to maximize shareholder value in agreeing to the proposed transaction, (ii) the $19.25 per share merger consideration adequately compensates FBM's minority shareholders, (iii) the special committee was fully informed as to the valuation of the proposed acquisition of the Company, and (iv) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed. These issues are of particular concern given the influence and control Lone Star wields over FBM by virtue of its ownership of a majority of the Company's outstanding shares. Moreover, the per-share merger consideration is lower than analyst price targets of $20.00, suggesting the special committee may have agreed to an undervalued deal.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

Cision
Cision

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SOURCE WeissLaw LLP