The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of K-Se...
March 14 2011 - 4:34PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”)
(NYSE: KSP) for possible breaches of fiduciary duty and other
violations of state law in connection with the sale of the Company
to Kirby Corporation (“Kirby”) (NYSE: KEX). Under the terms of the
transaction, K-Sea shareholders can elect to receive either (a)
$8.15 in cash or (b) $4.075 in cash plus 0.0734 of a share of Kirby
common stock for each share of K-Sea they own. The total value of
the transaction is approximately $600 million, consisting of $335
million for K-Sea's equity and the refinancing of $265 million of
K-Sea debt. K-Sea’s general partner will receive $8.15 in cash for
each general partner unit and $18 million in cash for K-Sea’s
incentive distribution rights.
Click here to learn how to join the action:
http://www.zlk.com/k-sea-transportation-ksp.html, or call:
877-363-5972.
The investigation concerns whether the K-Sea Board of Directors
breached their fiduciary duties to K-Sea stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Kirby is underpaying for K-Sea shares, thus unlawfully
harming K-Sea stockholders. In particular, for the most recent
quarter, K-Sea reported a book value of $11.77 per share.
If you own common stock in K-Sea 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, toll-free:
(877) 363-5972, or visit
http://www.zlk.com/k-sea-transportation-ksp.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. 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.
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