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Landry’s Restaurants is a leading full-service restaurant operator with more than 275 locations throughout the US. The company’s estate of eateries is anchored by its flagship Landry’s Seafood House chain; other concepts include Rainforest Cafe, McCormick & Schmick’s, Saltgrass Steak House, and Bubba Gump Shrimp. The company also owns and operates the iconic Golden Nugget Hotel & Casino in Las Vegas, along with a number of other entertainment properties, including aquariums, hotels, and other tourist attractions
Case description: Alleged that Landry’s CEO, Fertitta, and the Landry’s board of directors breached their fiduciary duties by stripping Landry’s public shareholders of their controlling interest in the Company for no premium and severely devalued Landry’s remaining public shares.
Cypress was offered as an expert witness on behalf of Louisiana Municipal Police Employees’ Retirement System regarding the Board’s conduct in approving a reduction in the price to be paid in a proposed going-private transaction led by Fertitta and its subsequent decision to unilaterally terminate the revised transaction. In July 2010, the case settled for a cash payment of $14.5 million.