Press release from PR Newswire
Law Office of Brodsky & Smith, LLC Announces Investigation of Lufkin Industries, Inc.
Monday, April 08, 2013
Law Office of Brodsky & Smith, LLC Announces Investigation of Lufkin Industries, Inc.22:00 EDT Monday, April 08, 2013
BALA CYNWYD, Pa., April 8, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Lufkin Industries, Inc. ("Lufkin" or the "Company") (Nasdaq: LUFK) relating to the proposed acquisition by General Electric Co. ("GE").
Under the terms of the transaction, Lufkin shareholders will receive only $88.50 in cash for each share of Lufkin stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Lufkin for not acting in the Company's shareholders' best interests in connection with the sale process to GE. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Lufkin stock traded at $89.17 as recently as July 7, 2011 and $94.42 on April 19, 2011. In addition, Lufkin's lift technologies are currently utilized in 94% of the oil-producing wells worldwide. This has resulted in Lufkin generating a record $1.3 billion in revenues in 2012, a 37% increase from the prior year.
If you own shares of Lufkin stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org visiting http://brodsky-smith.com/562-lufk-lufkin-industries-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC