The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Americ...
19 Octubre 2010 - 10:46AM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of American Commercial Lines Inc. (“ACL” or the
“Company”) (NasdaqGS: ACLI) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to an affiliate of Platinum Equity for
approximately $777 million. Under the terms of the transaction, ACL
stockholders, other than GVI Holdings, Inc. and certain of its
affiliates, will receive $33.00 in cash for each share of ACL
common stock they hold. GVI will receive $31.25 in cash for each
share of ACL common stock it holds if the transaction closes before
December 31, 2010 and $33.00 per share thereafter.
The investigation concerns whether the ACL Board of Directors
breached their fiduciary duties to ACL stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Platinum Equity is underpaying for ACL shares. At least
one analyst set a price target for ACL stock at $50.00 per share
and ACL stock has traded as high as $33.40 per share as recently as
October 13, 2010.
If you own common stock in ACL and wish to obtain additional
information, please contact Abe Shainberg, Esq. either via email at
as@ashainberglaw.com or by telephone at (212) 425-7286, or visit
http://www.ashainberglaw.com/acl-acli.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide.
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