Levi & Korsinsky, LLP Announces Investigation of McCormick & Schmick’s Seafood Restaurants, Inc.
Levi & Korsinsky is investigating the Board of Directors of McCormick & Schmick’s Seafood Restaurants (NASDAQ: MSSR) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Landry’s MSA Co., Inc., a subsidiary of Landry’s, Inc.
Under the terms of the transaction, McCormick & Schmick’s shareholders will receive $8.75 per share in cash for each share of McCormick & Schmick’s they own. The transaction has a total approximate value of $131.6 million.
The investigation concerns whether the McCormick & Schmick’s Board of Directors is undertaking a fair process to obtain maximum value for its shareholders. In particular, the Company adopted a poison pill in April, thwarting a hostile takeover in which shareholders would have received $9.25 per share. Furthermore, shares of McCormick & Schmick’s traded as high as $9.15 per share as recently as May of this year.
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