Union Drilling, Inc. Merger Litigation (Nasdaq: UDRL)
Law Office of Brodsky & Smith, LLC Announces Investigation of Union Drilling, Inc.
BALA CYNWYD, October 2, 2012/PR Newswire/ –Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Union Drilling, Inc. (“Union Drilling” or the “Company”) (Nasdaq- UDRL-News) relating to the proposed acquisition by Sidewinder Drilling, Inc. (“Sidewinder”).
Under the terms of the transaction, Union Drilling shareholders will receive only $6.50 in cash for each share of Union Drilling stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Union Drilling for not acting in the Company’s shareholders' best interests in connection with the sale process to Sidewinder. The transaction may undervalue the Company and result in a substantial loss for many Union Drilling shareholders. For example Union Drilling stock traded at $13.86 on April 26, 2011 and traded at $7.49 as recently as February 23, 2012.
If you own shares of Union Drilling stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org by calling toll free 877-LEGAL-90.
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