Shareholders Foundation Announces Wesco Financial Corporation Investor Lawsuit

The Shareholders Foundation, Inc. announces that a lawsuit has been filed in State Court on behalf of current investors in Wesco Financial Corporation WSC, who purchased COGT shares before August 25, 2010, over alleged breaches of fiduciary duty by certain members of the Cogent board of directors. On August 25, 2010, Berkshire Hathaway's management determined to propose to Wesco a cash-stock election transaction in which it would acquire the remaining 19.9% of the shares of Wesco that it does not presently own in exchange for Berkshire Hathaway Class B shares and/or cash valued at the book value per share of Wesco as of a time reasonably contemporaneous with the closing of such a transaction. The transaction would be valued at about USD 460 million, based on Wesco's closing stock price of USD 324.75 on Wednesday. Warren Buffett's Berkshire Hathaway Inc. holds with 5.7 million shares roughly 80% of Wesco Financial Corporation shares through Blue Chip Stamps, which is a wholly owned subsidiary of OBH LLC, which is a wholly owned subsidiary of Berkshire Hathaway Inc.