PCB | November 16, 2009
Merix confirmes class action lawsuits
The PCB manufacturer Merix has confirmed two class action lawsuits from shareholders challenging the announced merger with PCB manufacturer Viasystems.
The lawsuits, which were filed in Multnomah County circuit court, identify the Asbestos Workers Philadelphia Pension Fund (filed October 13, 2009) and W. Donald Wybert (filed November 05, 2009) as plaintiffs. Both plaintiffs argue that the deal doesn’t maximize value for Merix shareholders and both want to stop the merger from going ahead under the current terms. "Both shareholder actions generally allege, among other things, that each member of our board of directors breached fiduciary duties to us and our shareholders by authorizing the sale of us to Viasystems for consideration that does not maximize value to our shareholders. The complaints also allege that we and Viasystems aided and abetted the breaches of fiduciary duty allegedly committed by the members of our board of directors. The shareholder actions seek equitable relief, including to enjoin the defendants from consummating the merger on the agreed-upon terms", a SEC filing states.