Posted: Wed Nov 10, 2010 5:56 am Post subject: The Law Firm of Levi & Korsinsky, LLP Launches
Levi & Korsinsky is investigating the Board of Directors of Atlas Energy, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Chevron Corporation.
New York, NY, November 10, 2010 -- Levi & Korsinsky is investigating the Board of Directors of Atlas Energy, Inc. (“Atlas Energy” or the “Company”) (NasdaqGS: ATLS) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Chevron Corporation (“Chevron”) (NYSE: CVX). Under the terms of the transaction, Atlas Energy shareholders will receive consideration valued at $43.34 per share for a total transaction value of approximately $4.3 billion. Atlas Energy shareholders will receive $38.25 in cash for each outstanding share, and will also receive a pro-rata share of a distribution of over 41 million units of Atlas Pipeline Holdings, L.P. (NYSE: AHD).
The investigation concerns whether the Atlas Energy Board of Directors breached their fiduciary duties to Atlas Energy stockholders by failing to adequately shop the Company before entering into this transaction and whether Chevron is underpaying for Atlas Energy shares, thus unlawfully harming Atlas Energy stockholders. In particular, at least one analyst set a price target for Atlas Energy common stock at $64.00 per share.
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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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