Court Denies Special Exceptions to Plaintiff's Shareholder Class Action Claims Against Quanex Corporation and Gerdau S.A.
Posted on: Friday, 28 March 2008, 18:00 CDT
NEW YORK, March 28, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that in orders dated March 13, 2008 and March 14, 2004, the 125th Judicial District Court of Harris County, Texas denied in part defendants' Special Exceptions and upheld plaintiff's shareholder claims against Quanex Corporation's board of directors and Gerdau S.A. Following the Court's ruling, plaintiff believes that the lawsuit will now proceed to discovery and the class certification stage.
Plaintiff's claims challenge the sale of the Vehicular Products Segment of Quanex Corporation to Gerdau S.A. and its subsidiary, Gerdau Delaware (the "Merger Agreement"). The lawsuit seeks additional monies for all of Quanex's shareholders and the disclosure of additional information to Quanex shareholders relating to the Merger Agreement.
The lawsuit was filed on January 10, 2008, and is being brought on behalf of all shareholders of Quanex Corporation, excluding defendants and any person(s), firm(s), trust(s), corporation(s), or other entity(ies) related to or affiliated with them. No class has yet been certified in the above action. Quanex Corporation has scheduled a special shareholder meeting on April 22, 2008 for shareholders to consider and vote upon the Merger Agreement.
Any shareholder of Quanex may have the right to intervene and may retain counsel of his or her choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, you may contact Richard B. Brualdi at The Brualdi Law Firm P.C., 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
This news release was distributed by PrimeNewswire, www.primenewswire.com
CONTACT: The Brualdi Law Firm P.C. Richard B. Brualdi (877) 495-1877 (212) 952-0602 tleger@brualdilawfirm.com http://www.brualdilawfirm.com/
Source: PrimeNewswire
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