Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Allegheny Energy, Inc. ("Allegheny Energy" or the "Company") (Nasdaq:AYE) relating to the proposed acquisition by FirstEnergy (NYSE:FE). Under the terms of the agreement, Allegheny shareholders will receive 0.667 shares of FirstEnergy stock for each share of Allegheny stock they own. The merger values Allegheny stock at $27.65 per share.
The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Allegheny Energy board's approval of the proposed merger. The transaction appears to be unfair, in part, given that Allegheny Energy stock was trading at $29.16 a share as recently as May 11, 2009 and was trading at $27.64 a share in September 18, 2009.
If you own shares of Allegheny Energy and wish to discuss the legal ramifications of the proposed acquisition, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
Contacts:
Brodsky & Smith, LLC,
Jason L. Brodsky, Esquire
Evan
J. Smith, Esquire
877-LEGAL-90
clients@brodsky-smith.com
