latest news releases from the newsroom
The Shuman Law Firm
Shuman & Berens LLP Announces That a Shareholder Lawsuit Has Been Filed Against Certain Board of Directors and Officers of Flowserve Corporation -- FLS
DENVER, Nov. 16, 2006 (PRIMEZONE) -- The law firm of Shuman & Berens LLP (www.shumanberens.com) today announced that a shareholder derivative lawsuit has been filed in the United States District Court for the Northern District of Texas, Dallas Division against certain current and former board of directors and officers of Flowserve Corporation (NYSE:FLS). The lawsuit alleges, among other things, that the defendants breached their fiduciary duties by knowingly disseminating to shareholders false and misleading information regarding the company's financial performance. As a result of the alleged improprieties, the company has announced that it has restated its financial results for certain prior years.
Strategic Distribution, Inc.
Strategic Distribution, Inc. Announces Receipt of `Going Private' Proposal at $8.30 Per Share
BRISTOL, Pa., Nov. 16, 2006 (PRIMEZONE) -- Strategic Distribution, Inc. (Nasdaq:STRD) today announced that the special committee of its board of directors has received a letter from William R. Berkley, Chairman of the Board of the Company, that an entity he controls proposes to acquire all of the outstanding equity interests of the Company for $8.30 per share in cash. A copy of the text of the proposal letter to the special committee is set forth below in this release. Mr. Berkley presently beneficially owns approximately 22.5% of the Company's outstanding common stock.
Tower Financial Corporation
Tower Financial Corporation Announces Promotion
FORT WAYNE, Ind., Nov. 16, 2006 (PRIMEZONE) -- Tower Financial Corporation (Nasdaq:TOFC) announced today that Darrell L. Jaggers has been promoted to Executive Vice President and Chief Lending Officer of the Corporation. Jaggers will assume oversight of credit administration for the entire Corporation, including the establishment of credit policies and procedures for the bank and affiliate companies, and management of the credit support staff. In addition, Jaggers will continue in his role as chief lending officer of Tower Bank and Trust Company.