Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Andatee China Marine Fuel Services Corporation (“Andatee” or the “Company”) (Nasdaq: AMCF) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s receipt of a proposal from its Chief Executive Officer and majority shareholder, An Fengbin (“Fengbin”), to acquire the remainder of the Company he does not already own for $4.21 per share in cash (the “Proposal”).
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The Proposal contemplates Fengbin’s launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash. Fengbin already owns approximately 50.5% of the Company’s outstanding common stock.
The investigation concerns whether Andatee’s board of directors is adequately shopping the Company and working to obtain the best price possible for Andatee’s shareholders. Indeed, according to Yahoo! Finance, at least one analyst has issued a price target for $7.00 per share for Andatee stock.If you own the common stock of Andatee and purchased your shares before November 23, 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, 19801, by telephone at (888) 969-4242, or by e-mail to email@example.com. 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.