Rigrodsky & Long, P.A. Announces Investigation of CNX Gas Corporation
22 Marzo 2010 - 8:58PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of CNX Gas
corporation (“CNX Gas” or the “Company”) (NYSE: CXG) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s proposed acquisition.
On March 21, 2010, CONSOL Energy, Inc. (“CONSOL Energy”) (NYSE:
CNX) announced that it has entered into an agreement with T. Rowe
Price Associates, Inc. (“T. Rowe Price”), on behalf of its
investment advisory clients owning approximately 9.5 million shares
of CNX Gas common stock, or approximately 37% of the shares of CNX
Gas that CONSOL Energy does not currently own. Under the agreement,
CONSOL Energy has agreed, subject to certain conditions, to
commence a tender offer by May 5, 2010 to acquire all of the shares
of CNX Gas common stock that it does not currently own at a price
of $38.25 per share, in cash, or approximately $363 million, and T.
Rowe Price has agreed to tender its shares of CNX Gas common stock
that its investment advisory clients own into the offer. CONSOL
Energy already owns approximately 83.3% of the 151 million shares
of CNX Gas common stock outstanding.
If you own the common stock of CNX Gas and purchased your shares
before March 21, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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