A Phoenix woman has filed a class-action lawsuit against Lubrizol Corp. stemming from the $9 billion sale of the Wickliffe company to Warren Buffett's investment firm.
Karen Spletter is claiming Lubrizol's board of directors unjustly enriched themselves at the expense of public shareholders. On March 14, Lubrizol announced that Berkshire Hathaway Inc. would acquire 100 percent of outstanding Lubrizol shares for $135 per share in an all-cash transaction.
Berkshire Hathaway and its subsidiaries deal in property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance and retailing.
The company expects the board-approved, $9.7 billion transaction to be completed during the third quarter of this year.
Once Lubrizol becomes a wholly-owned subsidiary of Berkshire Hathaway, Lubrizol common shares will no longer be listed on the New York Stock Exchange.
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