SOURCE: Brower Piven, A Professional Corporation

February 10, 2011 12:59 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Possible Acquisition of Wesco Financial Corporation by Berkshire Hathaway, Inc.

STEVENSON, MD--(Marketwire - February 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Court of Chancery of the State of Delaware on behalf of all shareholders of Wesco Financial Corporation ("Wesco") (NYSE Amex: WSC). 

The complaint seeks to enjoin an alleged self-dealing transaction by which the controlling and more than 80% majority shareholder of Wesco -- Berkshire Hathaway, Inc. ("Berkshire Hathaway") -- seeks to acquire the remaining 19.9% of the shares of Wesco's common stock that it does not presently own in exchange for cash or shares of Berkshire Hathaway Class B common stock, at the election of the shareholder ("Proposed Transaction").

The complaint alleges that in pursuing the unlawful plan to cash out Wesco's remaining public shareholders for inadequate consideration, each of the defendants is violating applicable law by directly breaching and/or aiding the other defendants' breaches of fiduciary duty. The complaint alleges that the Proposed Transaction is solely designed to ensure that Wesco's largest shareholder (Berkshire Hathaway) completes the Proposed Transaction despite the fact that the offer price called for in the Proposed Transaction is highly unfair to the minority shareholders of Wesco.

If you are a current owner of shares of Wesco, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browrpiven.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