SHAREHOLDER ALERT: Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of EDAC Technologies Corporation in Connection with Sale of Company to GB Aero Engine LLC - ABC5 News Des Moines, IA
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of EDAC Technologies Corporation in Connection with Sale of Company to GB Aero Engine LLC
Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Levi & Korsinsky, LLP
NEW YORK, March 20, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of EDAC Technologies Corporation ("EDAC" or the "Company") (Nasdaq: EDAC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC.
Under the terms of the transaction, EDAC shareholders will receive only $17.75 for each share of EDAC stock they own. The transaction has a total approximate value of $104.1 million. The investigation concerns whether the EDAC Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether the buyer is underpaying for EDAC shares, thus unlawfully harming the public stockholders. Insiders at EDAC owning approximately 18.2% of the Company have agreed to tender their shares into this transaction.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com