NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether the directors of Steel Connect, Inc. (“Steel Connect”) (NASDAQ: STCN) breached their fiduciary duties to its shareholders in approving a merger with Steel Partners Holdings L.P. (“Steel Partners”) (NYSE: SPLP), for inadequate consideration. If you are a Steel Connect shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982, or jpettigrew@scott-scott.com.
Scott+Scott is investigating whether Steel Connect’s board of directors failed to maximize the value of Steel Connect for the benefit of Steel Connect’s shareholders in connection with its announced merger with Steel Partners, in breach of their fiduciary duties to Steel Connect’s shareholders, and whether Steel Connect’s shareholders have suffered damages as a result.
On June 13, 2022, Steel Connect announced it had reached an agreement to be bought out by Steel Partners for $1.35 per share plus one contingent value right to receive their pro rata share of any net proceeds in excess of $80 million, plus certain related costs and expenses, if Steel Connect’s ModusLink subsidiary is sold during the two-year period following completion of the merger. The transaction is valued at approximately $81 million.
What You Can Do
If you are a Steel Connect shareholder, you may have legal claims against Steel Connect’s directors. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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