Law Firm Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of Material Sciences Corporation 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 common stockholders of Material Sciences Corporation (“Material Sciences” or the “Company”) MASC.

According to the complaint, under the terms of the proposed transaction, New Star Metals Inc., through affiliates Zink Acquisition Holdings Inc. and Zink Acquisition Merger Sub Inc., will acquire all outstanding shares of Material Sciences common stock for $12.75 per share in cash, representing a fully diluted equity value of approximately $139 million.

The Complaint alleges that the buyout undervalues the Company because it is priced below Material Sciences' reported book value plus cash per share for the most recent quarter, which falls at $13.37 per share. The Complaint further alleges that the Company's board of directors (the “Board”) has breached its fiduciary duties for failing to take steps to maximize shareholder value and has agreed to voting agreements and provisions in the merger agreement that all but ensure the consummation of the buyout.

If you currently own common stock of Material Sciences 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.