Levi & Korsinsky is investigating the Board of Directors of Allied Defense Group, Inc. (“Allied” or the “Company”) (AMEX: ADG) for possible breaches of fiduciary duty
New York, NY, January 28, 2010 — Levi & Korsinsky is investigating the Board of Directors of Allied Defense Group, Inc. (“Allied” or the “Company”) (AMEX: ADG) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Chemring Group PLC (“Chemring”). Under the terms of the transaction, Allied shareholders will receive $7.25 in cash for each share of Allied common stock they own for a total transaction value of approximately $59 million.
The investigation concerns whether the Allied Board of Directors breached their fiduciary duties to Allied stockholders by failing to adequately shop the Company before entering into this transaction and whether Chemring is underpaying for Allied shares, thus unlawfully harming Allied stockholders. Prior to the announcement, at least one analyst has set a $9.00 price target for Allied shares.
If you are a current holder of Allied and would like additional information, please contact us at the number listed below or visit http://www.zlk.com/adg1.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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Press Contact:
Joseph Levi, Esq
Levi & Korsinsky, LLP
New York, NY 10004
(212) 363-7500
[email protected]
http://www.zlk.com
