Press release from PR Newswire
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Complete Production Services, Inc. in Connection with Sale of the Company to Superior Energy Services, Inc.
Monday, October 10, 2011
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Complete Production Services, Inc. in Connection with Sale of the Company to Superior Energy Services, Inc.11:56 EDT Monday, October 10, 2011NEW YORK, Oct. 10, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Complete Production Services, Inc. ("Complete" or the "Company") (NYSE: CPX) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Superior Energy Services, Inc. (NYSE: SPN). Under the terms of the transaction, Complete shareholders will receive 0.945 common shares of Superior Energy Services and $7.00 cash per share of Complete stock they own. Based on prior closing price of Superior Energy Services stock, the transaction represents a value of $32.90 per share and a total transaction value of approximately $2.6 billion.Click here to learn more about the investigation: http://www.zlk.com/complete-production-cpx, or call: 877-363-5972.The claims concern whether the Complete Board of Directors breached their fiduciary duties to Complete stockholders by failing to adequately shop the Company before entering into this transaction and whether Superior Energy Services is underpaying for Complete shares, thus unlawfully harming Complete stockholders. In particular, shares of Complete traded as high as $42.62 per share as recently as July 25, 2011. Further, the median price target for Complete stock set by fifteen brokers is $47.00 per share with at least one analyst setting a price target of $55.00 per share.If you own common stock in Complete and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com. 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. 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 litigations involving mergers and acquisitions. 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, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171www.zlk.comSOURCE Levi & Korsinsky, LLP