Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of ExpressJet Holdings, Inc. by Atlantic Southeas
12 Agosto 2010 - 12:16PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in Texas District Court, Harris
County on behalf of shareholders of ExpressJet Holdings, Inc.
("ExpressJet" or the "Company") (NYSE: XJT).
The Complaint alleges that on August 4, 2010, ExpressJet and
SkyWest ("SkyWest") publicly disclosed that they had entered into a
definitive merger agreement under which SkyWest will acquire
ExpressJet for $6.75 cash per share and that the proposed buyout of
ExpressJet by SkyWest (the "Proposed Transaction") is unfair both
with respect to price and process and is designed to benefit
ExpressJet's insiders to the detriment of Plaintiff and the Class.
According to the complaint, the consideration to be paid to
plaintiff and the class in the Proposed Transaction is unfair and
grossly inadequate because the intrinsic value of ExpressJet is
materially in excess of the amount offered in the Proposed
Transaction, giving due consideration to the Company's anticipated
operating results, net asset value, cash flow profitability, and
established markets. The complaint asserts that the Proposed
Transaction will deny class members their right to share
proportionately and equitably in the true value of Company's
valuable and profitable business, and future growth in profits and
earnings, at a time when the Company is poised to increase its
profitability.
If you are a current owner of shares of ExpressJet Holdings,
Inc., you may obtain additional information about this lawsuit by
contacting Brower Piven at www.browerpiven.com, by email at
piven@browerpiven.com, by calling 410/415-6701, or at Brower Piven,
A Professional Corporation, 1925 Old Valley Road, Stevenson,
Maryland 21153. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. If you are an ExpressJet shareholder, you
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6701 Email Contact
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