BALA CYNWYD, Pa., March 18, 2013 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of EDAC
Technologies Corporation ("EDAC" or the "Company") (Nasdaq: EDAC)
relating to the proposed acquisition by GB Aero Engine, LLC, an
affiliate of Greenbriar Equity Group LLC, L.P. ("Kinder Morgan").
Under the terms of the transaction, EDAC shareholders will
receive only $17.75 in cash for each
share of EDAC stock they own. The investigation concerns possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of EDAC for not acting in the Company's
shareholders' best interests in connection with the sale process to
GB Aero Engine, LLC. The focus of the investigation is whether the
EDAC Board of Directors breached their fiduciary duties by failing
to conduct an adequate and fair sales process prior to agreeing to
this proposed transaction.
The transaction may undervalue EDAC as the Company has indicated
that it has executed a strategic plan to achieve strong profitable
growth by diversifying its business with prime and Tier-1 aerospace
customers, transitioning their industrial business to move more
full scale programs and complex parts, broadening its core
competencies through selective acquisitions and improving
efficiency company-wide. This has resulted in first quarter sales
being increased 25% and gross profits being increased by 35% from
the fourth quarter of 2011.
If you own shares of EDAC 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 or Evan J. Smith,
Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by
e-mail at investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/555-edac-edac-technologies-corporation.html,
by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
