Law Firm Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of Edgen Group Inc. in Connection With a Proposed Buyout

STEVENSON, Md.--(BUSINESS WIRE)--

The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the Delaware Chancery Court on behalf of all public stockholders of Edgen Group Inc. (“Edgen” or the “Company”) (NYSE: EDG).

According to the complaint, under the terms of the proposed transaction, Sumitomo Corporation (“Sumitomo”) would acquire the outstanding common stock of Edgen for $12.00 per share in cash. The complaint alleges that proposed transaction is the product of a flawed process that resulted from a failure to maximize stockholder value and it deprives Edgen's public stockholders of the ability to share in the Company's future prospects. The complaint also alleges that, in approving the proposed transaction, the Company's board of directors breached their fiduciary duties and that Sumitomo aided and abetted the board's breaches of their duties.

If you currently own common stock of Edgen and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.