Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of ExpressJet Holdings Inc. - XJT
August 04 2010 - 10:07AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
ExpressJet Holdings Inc. (“ExpressJet” or the “Company”) (NYSE:
XJT) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to SkyWest Inc. ("SkyWest") (NasdaqGS: SKYW). Under the terms of
the transaction, ExpressJet shareholders will receive $6.75 in cash
for each ExpressJet share of common stock they own for a total
transaction value of approximately $133 million.
The investigation concerns whether the ExpressJet Board of
Directors breached their fiduciary duties to ExpressJet
stockholders by failing to adequately shop the Company before
entering into this transaction and whether SkyWest is underpaying
for ExpressJet shares, thus unlawfully harming ExpressJet
stockholders. In particular, at least one analyst set a price
target for ExpressJet stock at $8.00 per share and, for the most
recent quarter, the Company reported a book value of $11.18 per
share.
If you own common stock in ExpressJet 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/expressjet-holdings-xjt.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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