Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Allis-Chalmers Energy Inc. - ALY
13 Agosto 2010 - 11:23AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Allis-Chalmers Energy Inc. (“Allis-Chalmers” or the “Company”)
(NYSE: ALY) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Seawell Limited (“Seawell”) (NOTC: SEAW). Under the
terms of the transaction, Allis-Chalmers shareholders will have the
right to elect to receive either $4.25 in cash or 1.15 Seawell
common shares for each share they own, subject to pro-ration if
more than 35% of the shares elect to receive cash, placing the
total value of the transaction at approximately $890 million
(including assumed debt).
The investigation concerns whether the Allis-Chalmers Board of
Directors breached their fiduciary duties to Allis-Chalmers
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Seawell is underpaying
for Allis-Chalmers shares, thus unlawfully harming Allis-Chalmers
stockholders. In particular, Allis-Chalmers stock traded at $4.57
per share as recently as January 14, 2010 and at least one analyst
set a price target for Allis-Chalmers stock at $7.00 per share.
If you own common stock in Allis-Chalmers and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500 or
visit http://www.zlk.com/allis-chalmers-aly.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.
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