Morton’s Restaurant Group, Inc.
Robbins Umeda LLP Announces an Investigation of Morton’s Restaurant Group, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Morton’s Restaurant Group, Inc. (NYSE: MRT) in connection with their efforts to sell the company to Tilman J. Fertitta. Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On December 16, 2011, it was announced that Morton’s entered into a definitive merger agreement pursuant to which Tilman J. Fertitta will make an all-cash tender offer to acquire all outstanding shares of the company for $6.90 per share. The tender offer is scheduled to commence within 10 business days.
Robbins Umeda LLP’s investigation focuses on whether Morton’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results. On October 27, 2011, the company reported better than expected financial results for the third-quarter of fiscal year 2011 that beat analyst projections. Morton’s reported an adjusted EPS loss of only $0.110, compared to analyst estimates of an EPS loss of $0.112 during the same period. Additionally, shares of Morton’s common stock have recently traded above the deal’s offer price, with shares the company’s stock trading as high as $7.24 on August 4, 2011. Finally, at least one leading market analyst has released a target price that values Morton’s common stock at $9.00 per share, considerably higher than the value being offered by Tilman J. Fertitta.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.