A former shareholder of Continental Materials Corp., which owns heating and hardware companies, sued its ex-board and founding family in Delaware, claiming the founders “browbeat” independent directors into approving a take-private buyout last year that shortchanged public investors.
“The buyout was required to be entirely fair to CMC’s public stockholders,” the heavily redacted complaint says. “It was not.”
In addition to the company’s ex-board, the proposed class action filed in Delaware Chancery Court targets its former chief operating officer and Bee Street Holdings LLC, an investment vehicle for longtime chairman-CEO James G. Gidwitz and his family. The lawsuit was made ...
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