Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Pinnacle Gas Resources, Inc. - PINN
February 24 2010 - 3:18PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Pinnacle Gas Resources, Inc. (“Pinnacle” or the “Company”)
(NasdaqGM: PINN) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to an investor group led by Scotia Waterous (USA) Inc.
that includes certain members of Pinnacle's management team
("Scotia Waterous"). Under the terms of the transaction, Pinnacle
shareholders will receive $0.34 in cash for each share they
own.
The investigation concerns whether the Pinnacle Board of
Directors breached their fiduciary duties to Pinnacle stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Scotia Waterous is underpaying for Pinnacle
shares, thus unlawfully harming Pinnacle stockholders. In
particular, the Company has a book value in excess of $1.33 per
share, at least one analyst has set a target price for Pinnacle
stock at $1.00 per share and the Company's shares traded as high as
$0.41 per share as recently as December 30, 2009.
If you own common stock in Pinnacle and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/pinn1.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.
Pinnacle Gas Resources (MM) (NASDAQ:PINN)
Historical Stock Chart
From Apr 2024 to May 2024
Pinnacle Gas Resources (MM) (NASDAQ:PINN)
Historical Stock Chart
From May 2023 to May 2024