BALA CYNWYD, Pa.
April 8, 2013
/PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Lufkin Industries, Inc. ("Lufkin" or the "Company") (Nasdaq: LUFK) relating to the proposed acquisition by General Electric Co. ("GE").
Under the terms of the transaction, Lufkin shareholders will receive only
in cash for each share of Lufkin stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Lufkin for not acting in the Company's shareholders' best interests in connection with the sale process to GE. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Lufkin stock traded at
as recently as
July 7, 2011
April 19, 2011
. In addition, Lufkin's lift technologies are currently utilized in 94% of the oil-producing wells worldwide. This has resulted in Lufkin generating a record
in revenues in 2012, a 37% increase from the prior year.
If you own shares of Lufkin stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact
Jason L. Brodsky, Esquire
Evan J. Smith, Esquire
at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602,
Bala Cynwyd, PA
19004, by e-mail at
, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC