The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Shengt...
April 18 2012 - 11:14AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Shengtai Pharmaceutical, Inc. (“Shengtai” or the “Company”) (OTC:
SGTI) for possible breaches of fiduciary duty and other violations
of state law in connection with the receipt of a going private
proposal from its Chairman and Chief Executive Officer, Mr. Qingtai
Liu (“Mr. Liu”). According to the terms of the proposal, Mr. Liu
would acquire all outstanding shares of the Company’s common stock
for $1.65 per share. Mr. Liu and his affiliates currently own
approximately 40.5% of the Company’s common stock.
Click here to learn how to join the action:
http://www.zlk.com/shengtai-pharmaceutical-sgti, or call:
877-363-5972. There is no cost or obligation to you.
The investigation concerns, among other things, whether the
consideration to be paid to Shengtai shareholders is unfair,
inadequate, and substantially below the fair or inherent value of
Shengtai, and whether Liu is a controlling shareholder that is
taking advantage of his position to purchase the Company at an
unfair price. In particular, the Company reported a book value of
$6.40 per share for the most recent quarter.
If you own common stock in Shengtai 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 http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York
and Washington D.C. The firm has extensive expertise in prosecuting
securities litigation involving financial fraud, representing
investors throughout the nation in securities and shareholder
lawsuits. 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 securities lawsuits and have
successfully recovered multimillion-dollar damages awards on behalf
of investors. For more information, please feel free to contact any
of the attorneys listed below. Attorney advertising. Prior results
do not guarantee similar outcomes.
Shengtai Pharmaceutical (GM) (USOTC:SGTI)
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