Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of China Advanced Construction Materials Group, Inc. (“China ACM” or the “Company”) (Nasdaq: CADC) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s receipt of a proposal from its Chairman and CEO, Xianfu Han, and Weili He, Vice Chairman and COO, to acquire the remainder of the Company they do not already own for $2.65 per share in cash (the “Proposal”).
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The Proposal contemplates Mr. Han and Mr. He’s acquisition of all of the outstanding shares of common stock of China ACM they do not already own for $2.65 per share in cash. Mr. Han and Mr. He already own approximately 49.5% of the Company’s outstanding common stock.
The investigation concerns whether China ACM’s board of directors is adequately shopping the Company and working to obtain the best price possible for China ACM’s shareholders. Indeed, according to Yahoo! Finance, at least one analyst has issued a price target for $5.00 per share for China ACM stock.If you own the common stock of China ACM and purchased your shares before July 26, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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