Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of American Oil & Gas Inc. - AEZ

Date : 07/28/2010 @ 10:59AM
Source : Business Wire

Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of American Oil & Gas Inc. - AEZ

American Oil & Gas Common Stock (NYSE:AEZ)
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Levi & Korsinsky is investigating the Board of Directors of American Oil & Gas Inc. (“American Oil & Gas” or the “Company”) (AMEX: AEZ) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Hess Corporation ("Hess") (NYSE: HES). Under the terms of the transaction, American Oil & Gas shareholders will receive 0.1373 shares of Hess stock for each share of American Oil & Gas they own. Based on the prior closing price of Hess stock, the proposed transaction values American Oil & Gas stock at approximately $7.32 per share and the Company at approximately $443 million. In addition, American Oil & Gas shareholders may receive a cash dividend based on the Company's positive working capital as of the closing date.

The investigation concerns whether the American Oil & Gas Board of Directors breached their fiduciary duties to American Oil & Gas stockholders by failing to adequately shop the Company before entering into this transaction and whether Hess is underpaying for American Oil & Gas shares, thus unlawfully harming American Oil & Gas stockholders. In particular, American Oil & Gas stock traded at $7.52 per share as recently as May 12, 2010 and the median price target for American Oil & Gas stock set by analysts is $8.50 per share with at least one analyst setting a price target at $10.00 per share.

If you own common stock in American Oil & Gas and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/american-oil-gas-aez.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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