Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of GenTek Inc.
October 01 2009 - 10:57AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
GenTek, Inc. (“GenTek” or the “Company”) (NasdaqGS: GETI) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to
American Securities LLC. Under the terms of the agreement, GenTek
shareholders will receive $38.00 in cash for each share of GenTek
common stock they own, for a total transaction valued at
approximately $673 million, including assumption of debt and other
liabilities.
For the second quarter 2009, the Company reported a 152%
improvement in operating profit, as compared to the same prior-year
period, as well as strong cash flows that has resulted in $59.8
million in cash on hand at the close of the most recent quarter.
The investigation concerns whether the GenTek Board breached their
fiduciary duties to GenTek shareholders by selling the Company for
an unfair price given the Company's strong performance.
If you own common stock in GenTek and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/geti1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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