Brower Piven Announces Class Action Lawsuit in Connection With Claims of
Possible Breaches of Fiduciary Duty by the Board of WMS Industries Inc. in
Connection With the Sale of the Company to Scientific Games Corporation
STEVENSON, Md., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional
Corporation announces that a class action lawsuit has been commenced in the
Circuit Court of Cook County, Illinois on behalf of all shareholders of WMS
Industries, Inc. ("WMS" or the "Company") (NYSE:WMS).
According to the complaint, the proposed acquisition is the product of a
hopelessly flawed process that is designed to ensure the sale of WMS on terms
preferential to defendants and other WMS insiders and to subvert the interests
of plaintiff and other public stockholders of the Company. Also according to
the complaint, the proposed acquisition is being driven entirely by WMS Board
members ("Board") and Company management, who together hold approximately 4.2%
of WMS's outstanding shares and seek liquidity for their large but illiquid
holdings in WMS stock. The complaint alleges that if the proposed acquisition
closes, the Board and Company management will receive approximately $60
million from the sale of their illiquid holdings and thus, that Board members
are conflicted and serving their own financial interests rather than those of
WMS's other shareholders.
If you own common stock in WMS Industries, Inc., you may obtain additional
information about this lawsuit by contacting Brower Piven at
www.browerpiven.com, by email at email@example.com, by calling
410/415-6701, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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