Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Sinoenergy Corp. - SNEN
14 Ottobre 2009 - 6:21PM
Business Wire
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.
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