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Class Action

: ClassLawBlog.com

Constellation Energy Group Buy-Out Lawsuit

By classlawblog

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On September 19, 2008, Finkelstein Thompson LLP filed a breach of fiduciary duty class action lawsuit against Constellation Energy Group, Inc. (”Constellation” or, ?the Company?) in connection with a proposed buy-out by MidAmerican Energy Holdings Co., a subsidiary of Berkshire Hathaway.

The complaint, filed in the Circuit Court of Baltimore City, Maryland on behalf of Constellation?s shareholders, alleges that the Company and its individual directors breached their fiduciary duty to shareholders by selling the company for $26.50 per share, an amount substantially below their value. The Complaint quotes one source as stating that ?the $26.50 per share consideration suggests that MidAmerican ? is getting a bargain, paying about 50 cents on the dollar for Constellation?s assets.? This same source referred to $26.50 as a ?fire-sale price.?

If you are a Constellation shareholder and wish to discuss your rights and interests in this matter, please contact our Washington, D.C. office at (877) 337-1050 or via email at contact@finkelsteinthompson.com.

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Full post as published by ClassLawBlog.com on September 23, 2008 (boomark / email).