Press release from Business Wire
The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of Lufkin Industries, Inc. by General Electric Company
Monday, April 08, 2013
The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of Lufkin Industries, Inc. by General Electric Company10:22 EDT Monday, April 08, 2013
NEW YORK (Business Wire) -- The law firm of Wohl & Fruchter LLP has commenced an investigation into the proposed acquisition of Lufkin Industries, Inc. (Lufkin) (Nasdaq: LUFK) by General Electric Company (GE).
Lufkin, based in Texas, makes pumping equipment that helps drillers extract more oil out of older fields or ones that need to be pumped because the oil and gas underground is not under enough pressure to be forced to the surface naturally.
On April 8, 2013, Lufkin announced that it had entered into an agreement for GE to acquire the company for $88.50/share in cash. The transaction is valued at $3.3 billion, including the assumption of debt.
Wohl & Fruchter's investigation concerns, among other things, the fairness of the process used to approve the acquisition and whether the board of directors of Lufkin breached its fiduciary duties in connection with the transaction.
Additional information is available at http://www.wohlfruchter.com/cases/lufk.
Persons with relevant information, and Lufkin shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter