Levi & Korsinsky is investigating the Board of Directors of Pinnacle Gas Resources, Inc. (“Pinnacle” or the “Company”) (NasdaqGM: PINN) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to an investor group led by Scotia Waterous (USA) Inc. that includes certain members of Pinnacle's management team ("Scotia Waterous"). Under the terms of the transaction, Pinnacle shareholders will receive $0.34 in cash for each share they own.
The investigation concerns whether the Pinnacle Board of Directors breached their fiduciary duties to Pinnacle stockholders by failing to adequately shop the Company before entering into this transaction and whether Scotia Waterous is underpaying for Pinnacle shares, thus unlawfully harming Pinnacle stockholders. In particular, the Company has a book value in excess of $1.33 per share, at least one analyst has set a target price for Pinnacle stock at $1.00 per share and the Company's shares traded as high as $0.41 per share as recently as December 30, 2009.
If you own common stock in Pinnacle and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/pinn1.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.