Rigrodsky & Long, P.A. Announces Investigation Of Shengtai Pharmaceutical, Inc. Going Private Proposal
18 April 2012 - 10:37PM
Business Wire
Rigrodsky & Long, P.A., a national securities firm with
offices in Delaware and New York, announces that it is
investigating potential claims against the board of directors of
Shengtai Pharmaceutical, Inc. (“Shengtai Pharmaceutical” or the
“Company”) (OTC: SGTI). The investigation concerns possible
breaches of fiduciary duty and other violations of law related to
Shengtai Pharmaceutical’s receipt of a proposal from its Chairman
and Chief Executive Officer, Mr. Qingtai Liu (“Mr. Liu”), to
acquire all of the outstanding shares of the Company’s common stock
not currently owned by Mr. Liu and his affiliates in a going
private transaction valued at approximately $68 million.
Under the terms of the proposal, public shareholders of Shengtai
Pharmaceutical will receive $1.65 in cash for each share of
Shengtai Pharmaceutical they own. Mr. Liu and his affiliates
currently beneficially own approximately 40.5% of the Company’s
common stock.
The investigation concerns the Company’s board of directors’
process for consideration of the proposed transaction, whether
Shengtai Pharmaceutical is acting in its shareholders’ best
interests and whether the proposed consideration to be paid to
Shengtai Pharmaceutical shareholders would be fair and
adequate.
If you own the common stock of Shengtai Pharmaceutical and
purchased your shares before April 17, 2012, if you have
information or would like to learn more about these claims, or if
you wish to discuss these matters or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Scott J. Farrell, Esquire or Peter Allocco
of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300,
Garden City, New York 11530 toll free at (888) 969-4242, by e-mail
to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/shengtai-pharmaceutical-inc-sgti.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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