Law Offices of Howard G. Smith said that a class action lawsuit has been commenced on behalf of shareholders of Monterey Gourmet Foods Inc. (PSTA) for breaches of fiduciary duty and other violations of state law in connection with an agreement by the company's Board of Directors to sell all of the its outstanding shares of common stock at a price of $2.70 per share in cash to Pulmuone USA, Inc., in a transaction valued at approximately $45.8 million. The action concerns the price to be paid by Pulmuone to Monterey shareholders and the process by which Monterey's Board of Directors is addressing the transaction.
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