Law Office of Brodsky & Smith, LLC Announces Investigation of Lufkin Industries, Inc.
16 Abril 2013 - 5:30PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Lufkin Industries, Inc. (“Lufkin” or the “Company”) (Nasdaq: LUFK)
relating to the proposed acquisition by General Electric Co.
(“GE”).
Under the terms of the transaction, Lufkin shareholders will
receive only $88.50 in cash for each share of Lufkin stock they
own. The investigation concerns possible breaches of fiduciary duty
and other violations of state law by the Board of Directors of
Lufkin for not acting in the Company’s shareholders' best interests
in connection with the sale process to GE. The transaction may
undervalue the Company and will result in a loss for many long term
shareholders. For example Lufkin stock traded at $89.17 as recently
as July 7, 2011 and $94.42 on April 19, 2011. In addition, Lufkin’s
lift technologies are currently utilized in 94% of the
oil-producing wells worldwide. This has resulted in Lufkin
generating a record $1.3 billion in revenues in 2012, a 37%
increase from the prior year.
If you own shares of Lufkin stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L. Brodsky, Esquire or Evan J.
Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/562-lufk-lufkin-industries-inc.html, by
calling toll free 877-LEGAL-90.
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