STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of all common stockholders of Penford Corporation (“Penford” or the “Company”) (Nasdaq: PENX) opposing the proposed acquisition of Penford by Ingredion Incorporated (“Ingredion”).
The complaint arises out of the October 15, 2014 announcement that Penford had entered into a definitive merger agreement pursuant to which Ingredion will acquire Penford in a transaction valued at approximately $340 million. Under the terms of the transaction, Penford shareholders will receive $19.00 per share in cash for each share of Penford common stock they own.
The complaint seeks relief on behalf of the named plaintiff and all other similarly situated shareholders of Penford and asserts whether the Company’s Board of Directors breached their fiduciary duties by failing to maximize shareholder value and/or protect the interests of Penford shareholders.
If you currently own common stock of Penford and would like to learn more about this lawsuit and your ability to participate as a plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.