Court Issues Temporary Restraining Order in Connection With Management-led Buyout of Cameron Ashley Announces Milberg Weiss.Business Editors/Financial Analysts SAN DIEGO--(BUSINESS WIRE)--March 8, 2000 Beginning in January 2000, shareholders of Cameron Ashley Building Products Inc. (NYSE NYSE See: New York Stock Exchange :CAB) ("Cameron") represented by counsel including Milberg Weiss Founded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg Weiss (formerly known as Milberg Weiss & Bershad LLP) is a U.S. plaintiffs' law firm. Based in New York City, it is widely known for representing investors in securities class actions. Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol commenced actions alleging breaches of the fiduciary duties owed by Cameron Ashley's directors to Cameron's shareholders in connection with a management-led buyout of the Company for $15.10 per share. On Feb. 25, 2000, after extensive briefing and oral argument, a Dallas County Court granted plaintiff's application to temporarily restrain Cameron and its directors (the "Defendants") from complying with certain portions of the Jan. 17, 2000 Merger Agreement between Cameron and an affiliate of several Cameron directors. The Court's order prohibits the Defendants from making any payment pursuant to the Termination Fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. provision and/or proceeding with, abiding by and/or honoring the No Shop provisions which plaintiff asserted impaired the transfer of information to third party bidders and unfairly favored the management-led buyout group over other bidders. By subsequent agreement of the parties, the temporary restraining order temporary restraining order: see injunction. will be extended until April 27, 2000, at which time the Court will consider a hearing on plaintiffs motion for a temporary injunction temporary injunction n. a court order prohibiting an action by a party to a lawsuit until there has been a trial or other court action. A temporary injunction differs from a "temporary restraining order" which is a short-term, stop-gap injunction issued pending a pending trial. Plaintiffs wish to encourage all interested bidders to contact Cameron director Lawrence R. Klamon and/or his counsel Locke Liddell & Sapp LLP at 214/740-8000 to discuss the submission any offers to purchase Cameron. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at msl@mwbhl.com. Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. |
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