August 14, 2018 - The case was voluntarily dismissed.
July 30, 2018 - An investor, who currently holds shares of Xerium Technologies, Inc. (NYSE: XRM), filed a lawsuit against the takeover of Xerium Technologies, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: XRM stockholders by agreeing to sell of Xerium Technologies, Inc cheaply via an unfair process.

Youngsville, NC based Xerium Technologies, Inc. provides industrial consumable products and services. It operates through two segments, Machine Clothing and Roll Covers.

On June 24, 2018-- Xerium Technologies, Inc. (NYSE: XRM) and Andritz AG (WBAG: ANDR) announced that they have entered into a merger agreement under which Andritz will acquire Xerium for $13.50 per share in an all-cash transaction.

However, plaintiff claims that the proposed consideration NYSE: XRM shareholders will receive is grossly inadequate and undervalues Xerium Technologies, Inc. In addition, the plaintiff alleges that the process is also unfair NYSE: XRM stockholders. Indeed, two of Xerium’s largest stockholders, Carl Marks Management Company and Wynnefield Capital, which together represent approximately 20% of Xerium’s outstanding common stock, have already entered into a voting agreement with Andritz to support the merger.

Shares of Xerium Technologies, Inc. (NYSE: XRM) closed on August 13, 2018 at $13.35 per share.