Shareholders Foundation Announces CNX Gas Corporation Investor Lawsuit Against CONSOL Energy, Inc
31 Marzo 2010 - 3:35PM
The Shareholders Foundation, Inc. announces that a lawsuit has been
filed in Delaware State Court on behalf of current investors in CNX
Gas Corporation (NYSE:CXG), who purchased their CXG shares before
March 21, 2010, over alleged breach of their fiduciary duties by
CONSOL Energy, Inc.
On March 21, 2010, CONSOL Energy Inc announced that it had
entered into an agreement to purchase the remaining shares of CNX
Gas Corporation that it does not currently own. CONSOL Energy
currently owns approximately 83.3% of the approximately 151 million
shares of CNX Gas common stock outstanding. According to the
agreement, CONSOL Energy Inc will pay $38.25 per CXG share for the
9.5 million shares that are currently owned by investment advisory
clients of T. Rowe Price Associates, Inc. and CONSOL Energy agreed
to commence a tender offer for the remaining outstanding shares of
CNX Gas Corp. by May 5, 2010 at a price of $38.25 per share.
According to CONSOL Energy Inc the offer represents a 24% premium
over the closing price on March 19, 2010. Shares of CNX Gas
Corporation traded after the announcement at $38 per share,
and at $31 per share days before the news.
But according to the complaint the plaintiff alleges that CONSOL
Energy Inc, as the controlling shareholder of CNX Gas Corp, seeks
to take over the remaining outstanding CXG shares through an unfair
process and for an unfair price. The plaintiff alleges, among other
things, that CNX Gas Corp is significantly dependent on CONSUL
Energy's business, the offer undervalues CNX Gas Corp's recent
performance and promise for substantial growth, and at least one
Wall Street analyst had a price target of $43 per share.
Those who currently are investors in shares of CNX Gas
Corporation (NYSE:CXG) and purchased their shares before March
21, 2010, should contact the Shareholders Foundation, Inc. by
e-mail at mail@shareholdersfoundation.com or call +1 (858)
779-1554.
The Shareholders Foundation, Inc. is an investor advocacy group
which does research related to shareholder issues and informs
investors of securities class actions, settlements, judgments, and
other legal related news to the stock/financial market. The group
offers help, support, and assistance for every shareholder, and
investors find answers to their questions and equitable solutions
to their problems. The Shareholders Foundation, Inc. is not a law
firm. The information is provided as a public service. It is not
intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6931
CONTACT: Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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