Brower Piven Announces Class Action Lawsuit in Connection With Claims of Possible Breaches of Fiduciary Duty by the Board of WMS Industries Inc. in Connection With the Sale of the Company to Scientific Games Corporation
STEVENSON, Md., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Circuit Court of Cook County, Illinois on behalf of all shareholders of WMS Industries, Inc. ("WMS" or the "Company") (NYSE:WMS).
According to the complaint, the proposed acquisition is the product of a hopelessly flawed process that is designed to ensure the sale of WMS on terms preferential to defendants and other WMS insiders and to subvert the interests of plaintiff and other public stockholders of the Company. Also according to the complaint, the proposed acquisition is being driven entirely by WMS Board members ("Board") and Company management, who together hold approximately 4.2% of WMS's outstanding shares and seek liquidity for their large but illiquid holdings in WMS stock. The complaint alleges that if the proposed acquisition closes, the Board and Company management will receive approximately $60 million from the sale of their illiquid holdings and thus, that Board members are conflicted and serving their own financial interests rather than those of WMS's other shareholders.
If you own common stock in WMS Industries, Inc., you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6701, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6701 firstname.lastname@example.org