Cornerstone Building Brands, Inc. (CNR)
Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Cornerstone Building Brands, Inc. (“Cornerstone” or “the Company”) (NYSE: CNR) several of the Company’s officers and directors.
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Cornerstone common stock as of May 16, 2022, the record date for the merger (“Merger”) of Cornerstone and Clayton, Dublier & Rice, LLC (“CD&R”), through the closing of the transaction on July 25, 2022 (the “Class”). Such investors are encouraged to join this case.
The Complaint alleges that the Defendants deprived the Plaintiff and other Class members of their right to cast a fully informed vote on the Merger. In this regard, the Defendants allegedly made material misrepresentations and omissions of material facts in the Proxy concerning, among other things: (1) the scope of the Standstill Provisions and the fact that CD&R made actual offers and proposals to acquire Cornerstone, in breach of those Provisions; (2) the fact that Cornerstone’s financial projections used by its financial advisor in connection with the Merger negotiations were revised downward at CD&R’s direction, which helped to support a lower per share acquisition price; and (3) Cornerstone’s parallel sales process to divest its metal coil coatings business for $500 million and the Defendants’ failure to account for this sale in the valuation of the Company.
A class action lawsuit has already been filed. You can review a copy of the Complaint or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cornerstone, you have until August 28, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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