Investor Sues CSST Over CEO's $460M Buyout Bid

Law360, New York (March 15, 2011, 9:20 PM EDT) -- A China Security & Surveillance Technology Inc. shareholder filed a proposed class action Tuesday, seeking to block a $460 million buyout bid from the company's CEO that was allegedly designed to solely benefit insiders while undervaluing the company.

CEO Guoshen Tu and several CSST directors breached their fiduciary duty to stockholders by proposing and agreeing to a $6.50 per share offer, which was approved through a review process tainted by "potential conflicts of interest, self interest and self dealing," according to a complaint filed by Dennis...
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