McCormick & Schmick’s Seafood Restaurants, Inc.
Robbins Umeda LLP Is Investigating McCormick & Schmick’s Seafood Restaurants, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of McCormick & Schmick’s Seafood Restaurants, Inc. (NASDAQ: MSSR). The Firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of McCormick & Schmick’s in connection with their efforts to sell the company to Tilman J. Fertitta, through his affiliate LSRI Holdings, Inc., a subsidiary of Landry’s Restaurants, Inc.
On April 4, 2011, Tilman J. Fertitta announced that he intends to commence, through his affiliate LSRI Holdings, Inc., a subsidiary of Landry’s Restaurants, Inc., an all-cash offer to acquire all of the issued and outstanding shares of common stock of McCormick & Schmick’s not already owned by Fertitta or his affiliates. Under the current agreement, McCormick & Schmick’s shareholders will receive $9.25 in cash for each share of McCormick & Schmick’s common stock they hold.
The investigation is focused on whether McCormick & Schmick’s board is undertaking a fair process to obtain maximum value for its shareholders. Analysts had price targets ranging from $9.50 to $12.00. Just last month, on March 1, 2011, McCormick & Schmick’s stock traded as high as $10.45, and less than a year ago, on April 13, 2010, the company traded as high as $11.98. Further, on March 1, 2011, McCormick & Schmick’s reported fourth quarter 2010 revenues that beat analyst estimates. It reported revenues of $91.600 million, compared to analyst revenue estimates of $91.175 million.
If you own stock in McCormick & Schmick’s and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.