Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of GenTek Inc.
NEW YORK-(Business Wire)-September 29, 2009 - 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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