Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Superior Well Services Inc. - SWSI
10 August 2010 - 6:45PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Superior Well Services Inc. (“Superior Well” or the “Company”)
(NasdaqGS: SWSI) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Nabors Industries, Inc. ("Nabors") (NYSE: NBR).
Under the terms of the transaction, Superior Well shareholders will
receive $22.12 in cash for each Superior Well share of common stock
they own for a total transaction value of approximately $900
million.
The investigation concerns whether the Superior Well Board of
Directors breached their fiduciary duties to Superior Well
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Nabors is underpaying
for Superior Well shares, thus unlawfully harming Superior Well
stockholders. In particular, at least one analyst set a price
target for Superior Well stock at $25.00 per share. Also, holders
of approximately 34% of Superior Well outstanding shares of common
stock have entered into agreements agreeing to tender their shares
in connection with the proposed transaction.
If you own common stock in Superior Wells 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/superior-well-services-swsi.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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