The Law Offices of Vincent Wong Announce an Investigation into Possible Breaches of Fiduciary Duty by the Board of K-Sea Transportation Partners L.P. in Connection with the Sale of the Company to Kirby Corporation – KSP

NEW YORK--()--The Law Offices of Vincent Wong are investigating the Board of Directors of K-Sea Transportation Partners L.P. (NYSE: KSP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Kirby Corporation (NYSE: KEX). Under the terms of the transaction, K-Sea shareholders can elect to receive either $8.15 in cash or $4.075 in cash plus 0.0734 of a share of Kirby common stock for each share of K-Sea they own. The total value of the transaction is approximately $600 million, consisting of $335 million for K-Sea's equity and the refinancing of $265 million of K-Sea debt. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea’s incentive distribution rights.

The investigation concerns whether the K-Sea Board of Directors breached their fiduciary duties to K-Sea stockholders by failing to adequately shop the Company before entering into this transaction and whether Kirby is underpaying for K-Sea shares, thus unlawfully harming K-Sea stockholders. K-Sea reported a book value of $11.77 per share, for the most recent quarter.

If you own common stock in K-Sea and wish to obtain additional information, please contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/k-sea-transportation.html.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-584-2740
Fax: 866-367-6510
vw@wongesq.com

Release Summary

The Law Offices of Vincent Wong are investigating the Board of Directors of K-Sea Transportation Partners L.P. (NYSE: KSP) for possible breaches of fiduciary duty and other violations of state law

Contacts

The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-584-2740
Fax: 866-367-6510
vw@wongesq.com