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The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of EnergyConnec

^{Published on 2011-03-04 16:05:40 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of EnergyConnect Group, Inc. (OTC: ECNG) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to Johnson Controls, Inc. (NYSE: JCI). Under the terms of the proposed transaction, Johnson Controls will purchase all outstanding shares of EnergyConnect stock for $0.2253 per share in cash for a total transaction value of approximately $32.3 million.

The investigation concerns whether the EnergyConnect Board of Directors breached their fiduciary duties to EnergyConnect stockholders by failing to adequately shop the Company before entering into this transaction and whether Johnson Controls is underpaying for EnergyConnect shares. According to Yahoo! Finance, one analyst set a price target of $2.50 per share for EnergyConnect stock.

If you own common stock in EnergyConnect and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [ as@ashainberglaw.com ] or by telephone at (212) 425-7286, or visit [ http://www.ashainberglaw.com/energyconnect-group.html ].

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.