Investor Press Release
Quanex Building Products Corporation Announces Dismissal of Lawsuit
HOUSTON, Sep 23, 2008 (GlobeNewswire via COMTEX News Network) -- Quanex Building Products Corporation (NYSE:NX), an industry-leading manufacturer of value-added, engineered materials and components for the building products market, today announced the dismissal of the putative shareholder class action lawsuit, Momentum Partners v. Raymond A. Jean, et al., Cause No. 2008-01592 (125th Judicial District of Harris County, Texas).
The lawsuit was filed by a purported shareholder of Quanex Corporation and asserted claims relating to the spin-off of Quanex Building Products and the subsequent merger of Quanex Corporation into a subsidiary of Gerdau S.A. The suit named Quanex Corporation, Gerdau, and Quanex Corporation's directors (who currently serve as directors of Quanex Building Products) as defendants. On March 14, 2008, the district court denied plaintiff's motion to enjoin the transactions, which closed successfully on April 23, 2008. After failing to obtain injunctive relief, plaintiff voluntarily dismissed the lawsuit in its entirety by filing a motion for nonsuit on September 9, 2008.
Quanex Corporation was represented in the litigation by its General Counsel, Kevin Delaney (now General Counsel of Quanex Building Products), and by Gerard G. Pecht at Fulbright & Jaworski L.L.P. Gerdau was represented by David Elbaum at Simpson Thacher & Bartlett L.L.P.
Statements that use the words "expect," "should," "believe," "will," "might," or similar words reflecting future expectations or beliefs are forward-looking statements. The statements found above are based on current expectations. Actual results or events may differ materially from this release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Company's future performance, please refer to the Company's Registration Statement on Form 10, filed with the SEC on April 4, 2008 pursuant to the Securities Exchange Act of 1934, in particular the section titled, "Special Note About Forward-Looking Statements" contained therein.
For additional information, visit the Company's website at www.quanex.com.
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SOURCE: Quanex Building Products Corporation
Quanex Building Products Corporation