Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Burlington Northern Santa Fe Corp. - BNI
Business Wire
Nov 04, 2009
Levi & Korsinsky is investigating the Board of Directors of Burlington
Northern Santa Fe Corp. (“Burlington” or the “Company”) (NYSE: BNI) for
possible breaches of fiduciary duty and other violations of state law in
connection with their attempt to sell the Company to Berkshire Hathaway,
Inc. (NYSE: BRK). Under the terms of the transaction, Berkshire will
acquire the remaining 77.4% of Burlington shares it does not already own
in a cash and stock valued at approximately $44 billion. The Company’s
stockholders will receive either $100 in cash or a variable number of
shares of Berkshire Class A or Class B common stock, subject to
proration if the elections of the shareholders do not equal
approximately 60 percent cash and 40 percent stock.
The investigation concerns whether Burlington's Board of Directors have
breached their fiduciary duties to stockholders by failing to adequately
shop the Company before entering into this transaction and whether
Berkshire is underpaying for Burlington's shares, thus unlawfully
harming Burlington's stockholders.
If you own common stock in Burlington and wish to obtain additional
information, please contact us at the number listed below or visit http://www.zlk.com/bni1.html.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation.
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