Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Southwest Water Company - SWWC
March 03 2010 - 10:23AM
Business Wire
Levi & Korsinsky is investigating potential claims against
the Board of Directors of Southwest Water Company (“Southwest
Water” or the “Company”) (NasdaqGS: SWWC) in connection with the
proposed sale of the Company to an investor group advised by J.P.
Morgan Asset Management and Water Asset Management L.L.C. (the
"Investor Group"). Under the terms of the proposed transaction,
Southwest Water shareholders will receive $11.00 per share in cash
for each share of Southwest Water stock they own, for a total
transaction value of approximately $275 million. Prior to the
closing of the transaction, members of the Investor Group will
invest approximately $16 million in 2.7 million newly issued
Southwest Water shares under a private placement, priced at $6.00
per share.
The investigation concerns whether the Southwest Water Board of
Directors breached their fiduciary duties to Southwest Water
stockholders by failing to adequately shop the Company before
entering into this transaction and whether the Investor Group is
underpaying for Southwest Water shares, thus unlawfully harming
Southwest Water stockholders.
If you are a current holder of Southwest Water and would like
additional information, please contact us at the number listed
below or visit http://www.zlk.com/swwc1.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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