The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches of Fiduciary Duty by the Board of Morton's Restaurant Group, Inc. in Connection With the Sale of the Company to Landry's Inc.
NEW YORK, Dec. 16, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Morton's Restaurant Group, Inc. ("Morton" or the "Company") (NYSE: MRT) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Tilman J. Fertitta's wholly-owned company Fertitta Morton's Restaurants Inc. ("Fertitta"), an affiliate of Landry's, Inc. Fertitta already owns approximately 5% of MRT's common stock. Under the terms of the transaction, Morton shareholders will receive $6.90 per share of Morton stock they own. The transaction has a total approximate value of $325 million.
Click here to learn how to join the action: http://www.zlk.com/mortons-restaurant-group-mrt, or call: 877-363-5972.
The investigation concerns whether the Morton Board of Directors breached their fiduciary duties to Morton stockholders by failing to adequately shop the Company before entering into this transaction and whether Fertitta is underpaying for Morton shares, thus unlawfully harming Morton stockholders. In particular, Morton stock has traded as high as $7.67 as recently as July 6, 2011, and at least one analyst placed a price target of $9.00 per share of Morton stock.
If you own common stock in Morton and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP
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