Date: December 28, 2007
Source: News Room
A recent filing by Waste Industries USA Inc. indicates that a disgruntled shareholder recently filed a complaint against the company and five directors over its proposed buyout. The complaint filed with the Securities and Exchange Commission alleges that the directors breached their fiduciary duty in approving the transaction. The plaintiff seeks class status, the enjoinment of the transaction and reimbursement of legal costs, among other things. Waste Industries said that it believes the allegations to be without merit and denies any wrongdoing. On December 18 the company agreed to be taken private by an investor group that includes the company's chairman, its chief executive, as well as Macquarie Infrastructure Partners and Goldman Sachs, in a transaction valued at about $544 million.
The complaint filing: www.sec.gov/Archives/edgar/data/1125845/000119312507273005/dex991.htm.
Waste Industries USA Inc: www.waste-ind.com.
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