Levi & Korsinsky, LLP investigates possible breach of fiduciary duty by the board of ExpressJet
04-Aug-2010 Levi & Korsinsky is investigating the Board of Directors of ExpressJet Holdings Inc. (“ExpressJet” or the “Company”) (NYSE: XJT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to SkyWest Inc. ("SkyWest") (NasdaqGS: SKYW).
Under the terms of the transaction, ExpressJet shareholders will receive $6.75 in cash for each ExpressJet share of common stock they own for a total transaction value of approximately $133 million.
The investigation concerns whether the ExpressJet Board of Directors breached their fiduciary duties to ExpressJet stockholders by failing to adequately shop the Company before entering into this transaction and whether SkyWest is underpaying for ExpressJet shares, thus unlawfully harming ExpressJet stockholders. In particular, at least one analyst set a price target for ExpressJet stock at $8.00 per share and, for the most recent quarter, the Company reported a book value of $11.18 per share.
If you own common stock in ExpressJet and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/expressjet-holdings-xjt.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.