NEW YORK, Nov. 29, 2011 /PRNewswire/ --Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential claims against the board of directors of Andatee China Marine Fuel Services Corporation ("Andatee" or the "Company") (Nasdaq: AMCF) concerning possible breaches of fiduciary duty and other violations of law related to the Company's receipt of a proposal from its Chief Executive Officer and majority shareholder, An Fengbin ("Fengbin"), to acquire the remainder of the Company he does not already own for $4.21 per share in cash (the "Proposal").
The Proposal contemplates Fengbin's launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash. Fengbin already owns approximately 50.5% of the Company's outstanding common stock.
The investigation concerns whether Andatee's board of directors is adequately shopping the Company and working to obtain the best price possible for Andatee's shareholders. Indeed, the book value alone for Andatee is over $5.70 per share.
If you own Andatee common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy |
Tripp Levy PLLC |
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Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC
