WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Isramco, Inc. (NASDAQCM: ISRL) (“Isramco” or the “Company”) relating to the sale of the Company to Naphtha Israel Petroleum Corporation, Ltd (“Naphtha”), and entities owned by Haim Tsuff, who currently owns and controls roughly 73% of Isramco’s stock. On May 20, 2019, the two parties announced that they reached an agreement in principle pursuant to which Naphtha will acquire Isramco in a going private merger. As a result of the merger, Isramco shareholders are only anticipated to receive $121.40 per share in cash in exchange for each share of Isramco.
Andrews & Springer’s investigation so far has revealed that the consideration Isramco shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is only an 8.8% premium above Isramco’s $11.50 per share stock price as of May 19, 2019, one day before the announcement of the buyout. Our investigation also reveals that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair. In the past, former executives of Isramco have accused Haim Tsuff of concealment, self-dealing and fraud.
If you own shares of Isramco and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/isramco-class-action-investigation/ or contact Craig J. Springer, Esq. at email@example.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
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