Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of China Shengda Packaging Group Inc. (“China Shengda” or the “Company”) (NASDAQ GM: CPGI) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s receipt of a proposal to be acquired by the Company’s Chairman of the Board, Nengbin Fang, in a transaction valued at approximately $24 million.
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Under the terms of the proposal, public shareholders of China Shengda will receive $1.40 per share in cash for each share of China Shengda they own.
The investigation concerns the Company’s board of directors’ process for consideration of the proposed transaction, whether China Shengda is acting in its shareholders’ best interests and whether the proposed consideration to be paid to China Shengda’s shareholders would be fair and adequate. According to Yahoo! Finance, at least one analyst has set a price target for China Shengda stock at $3.50 per share.If you own the common stock of China Shengda and purchased your shares before October 15, 2012, 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 Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/china-shengda-packaging-group-inc-cpgi. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.