Edgen Group faces suit over Sumitomo merger

Nov 15, 2013 | 05:07 PM | Thorsten Schier

Tags  Edgen Group, Sumitomo, shareholder lawsuit, Thorsten Schier

NEW YORK — Edgen Group Inc. is facing a shareholder lawsuit over a planned merger with Japan’s Sumitomo Corp. and Sumitomo Corp. of America Inc., New York, according to a Nov. 14 filing with the U.S. Securities and Exchange Commission.

"The complaint alleges ... that our board of directors, aided and abetted by the remaining defendants, breached its fiduciary duties to the plaintiff and the other public stockholders by authorizing the merger for inadequate consideration that undervalues us," the Baton Rouge, La.-based energy products distributor said.....

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