SNEN Sinoenergy New Com (MM)

Levi & Korsinsky is investigating the Board of Directors of Sinoenergy Corp. (“Sinoenergy” or the “Company”) (NasdaqCM: SNEN) for possible breaches of fiduciary duty and other violations of state law in connection with the announced going-private transaction. Under the terms of the transaction, Skywide Capital Management Limited ("Skywide"), which is owned by the Company's chairman, Mr. Tianzhou Deng, and its president, Mr. Bo Huang, and which is the Company's largest shareholder, owning 39.06% of the Company's common stock, will pay Sinoenergy shareholders $1.90 in cash for each share of Sinoenergy common stock they own for a total transaction value of approximately $30.3 million.

The investigation concerns whether the Sinoenergy Board of Directors breached their fiduciary duties to Sinoenergy shareholders given that (i) the Company's shares traded at $2.63 as recently as August 11, 2009 and traded at a 52-week high of $3.76; (ii) the Company has a book value in excess of $3.52 a share; (iii) at least one analyst has set a $9.90 per share price target for Sinoenergy stock; and (iv) the Board agreed to a no-solicitation provision and a $500,000 termination fee that will all but ensure that no superior offer will ever be forthcoming.

If you own common stock in Sinoenergy and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/snen1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Sinoenergy New Com (MM) (NASDAQ:SNEN)
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Sinoenergy New Com (MM) (NASDAQ:SNEN)
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De Jun 2023 a Jun 2024