Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of CNX Gas Corporation - CXG
23 Marzo 2010 - 12:48AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
CNX Gas Corporation (“CNX Gas” or the “Company”) (NYSE: CXG) for
possible breaches of fiduciary duty and other violations of state
law in connection with a proposed sale of the Company to CONSOL
Energy Inc. ("CONSOL Energy") (NYSE: CNX). On March 21, 2010,
CONSOL Energy announced that it had entered into an agreement to
buy 9.5 million shares of CNX Gas from stockholders represented by
T. Rowe Price Associates Inc. ("T. Rowe Price"). As part of the
deal with T. Rowe Price, CONSOL Energy agreed to commence a tender
offer for the remaining outstanding shares of CNX Gas it does not
own by May 5, 2010 at a price of $38.25 per share. CONSOL Energy
currently owns approximately 83.3% of the approximately 151 million
shares of CNX Gas common stock outstanding. T. Rowe Price agreed to
tender the shares that its investment advisory clients own into
this offer.
For the quarter ending December 31, 2009, CNX Gas reported gross
profit of $177.984 million and net income of $41.111 million as
compared to gross profit and net income of $120.150 million and
$35.470 million, respectively, for the prior quarter. Also, at
least one analyst set a price target for CNX Gas stock at $43.00
per share. The investigation concerns whether the CNX Gas Board of
Directors and/or the CONSOL Energy Board breached their fiduciary
duties to CNX Gas stockholders by not acting in the best interests
of CNX Gas stockholders in connection with the proposed
transaction.
If you own common stock in CNX Gas and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/cnx1.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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