A pension fund sued Cornerstone Building Brands Inc. in Delaware over concerns that company leaders tied to Clayton, Dubilier & Rice LLC timed its planned $5.8 billion take-private buyout to avoid factoring impending good news into the deal price.
The lawsuit, filed Thursday, seeks internal files to investigate suspicions that private equity firm CD&R exploited its board control and a 49.6% stake to finalize the deal before the market could digest surprisingly positive quarterly results Cornerstone was about to report.
By the time the good news emerged publicly, the company’s stock price was already weighed down by CD&R’s offer, according ...
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