Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of TGC Industries, Inc. (NASDAQ: TGE) arising from its proposed acquisition by Dawson Geophysical Company (NASDAQ: DWSN).
Under the terms of the merger agreement, TGC shareholders will receive 0.188 shares of Dawson stock for each TGC share. Based on the closing share prices of the two companies on March 18, 2011, the transaction values each TGC share at $8.00. The transaction is expected to close by early third quarter of 2011, subject to, among other things, approval by 80% of the outstanding shares of TGC. TGC officers and directors have agreed to vote their 32% holding in TGC’s outstanding shares in favor of the transaction.
Weiss & Lurie is investigating whether TGC’s Board acted in the best interests of shareholders in approving the transaction and the fairness of the deal. Notably, TGC stock traded at a high of $7.75 per share on March 7, 2011.
If you own TGC shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.