Trans-Lux shareholders led by Gamco cut ownership to 43.14%

By Lisa Kerner

Charlotte, N.C., March 17 - Trans-Lux Corp. investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC sold 23,000 shares of the company's stock, keeping a 43.14% combined ownership interest.

The shares were sold between Feb. 6 and March 16 at prices from $0.21 to $0.547 each, it was reported in a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission.

Gamco beneficially owns 871,500 shares of the company's outstanding stock.

In February, Gamco Investors, Inc. and its affiliates including Mario Gabelli filed a complaint, both individually and derivatively, on behalf of Trans-Lux in the U.S. District Court for the Southern District of New York, according to a prior SEC filing.

As previously reported, the complaint was filed on Jan. 29 against four of the company's directors - Richard Brandt, Thomas Brandt, Matthew Brandt and Michael R. Mulcahy - and names the company as a nominal defendant.

According to Trans-Lux, the alleged basis for the complaint is the company's sale of its entertainment division to Storyteller Theaters Corp. in July 2008.

Trans-Lux, based in Norwalk, Conn., designs, manufactures and installs large-scale indoor and outdoor LED electronic display systems.

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