The Shareholders Foundation announces that an investor in Georgia Gulf Corporation (NYSE:GGC) shares filed a lawsuit against directors of Georgia Gulf Corporation alleging they failed to act in good faith and the best interests of the company’s shareholders and failed to take steps reasonably required to maximize shareholders value.
Investors who currently hold shares in Georgia Gulf Corporation (NYSE:GGC) and purchased those NYSE: GGC shares prior to January 13, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the defendants breached their fiduciary duties to Georgia Gulf Corporation’s shareholders.
On January 13, 2012, Westlake Chemical Corporation (NYSE: WLK) announced that it has submitted a proposal to Georgia Gulf Corporation (NYSE: GGC) to acquire all of the outstanding shares of Georgia Gulf for $30.00 per share in cash.
Then on January 16, 2012, Georgia Gulf Corporation (NYSE: GGC) announced that its Board of Directors has rejected Westlake Chemical Corporation’s unsolicited proposal to acquire Georgia Gulf for $30.00 per share.
However, the plaintiff claims that the directors adopted a Shareholder Rights Plan, the poison pill that allows them to deflect offers for the company, instead of maximizing the value shareholders would receive.
Those who are current investors in Georgia Gulf Corporation (Public, NYSE: GGC) and purchased your NYSE:GGC shares prior to the announcement, have certain options and should contact the Shareholders Foundation..
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com