SOURCE: Brower Piven, A Professional Corporation

January 20, 2011 13:33 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Todd Shipyards Corporation by Vigor Industrial LLC

STEVENSON, MD--(Marketwire - January 20, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Washington Superior Court, King County, on behalf of all shareholders of Todd Shipyards Corporation ("Todd") (NYSE: TOD). 

The claims asserted in the complaint arise from the proposed acquisition ("Acquisition") of Todd by Vigor Industrial LLC ("Vigor"). On December 23, 2010, Todd announced that it had agreed to be acquired by Vigor in an all-cash tender offer valued at approximately $130 million. According to the complaint, and under the agreement, Vigor offered to purchase all of Todd's outstanding shares for $22.27 in cash per share.

The complaint alleges that Todd's directors and officers have breached their fiduciary duties to the company's stockholders, including the duties of good faith, loyalty, and due care. The complaint also alleges that Vigor and Woodbourne Partners, L.P., a private investment company that holds Todd shares, aided and abetted such officers' and directors' alleged breaches of their fiduciary duties.

If you are a current owner of shares of Todd, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, 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 60 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 Information

  • CONTACT:
    Charles Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact