Landry’s Faces Shareholder Action Over $238M Deal

Law360, New York (November 11, 2009, 1:56 PM EST) -- A shareholder of Landry’s Restaurants Inc. has brought a proposed class action alleging a planned $238 million buyout deal for the national restaurant and entertainment company by its CEO and other company directors is “grossly inadequate.”

Company shareholder Fredric Goldfein lodged the action in the District Court of Harris County, Texas, on Nov. 5 against Houston-based Landry’s, its CEO and chairman, Tilman J. Fertitta, and five other directors after the company struck a deal to be bought out by the Fertitta group at $14.75 per share....
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