Law Office of Joseph Klein Announces Investigation of Possible Breach of Fiduciary Duty by Board of American Oil & Gas - AEZ
The Law Office of Joseph Klein is investigating the Board of Directors of American Oil & Gas Inc. (AMEX: AEZ) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Hess Corporation ("Hess") (NYSE: HES).
- New York, NY (1888PressRelease) July 29, 2010 - Under the terms of the deal, American Oil & Gas shareholders will receive 0.1373 shares of Hess stock for each share of stock they own. Based on the prior closing price of Hess stock, the transaction values American Oil & Gas stock at approximately $7.32 per share and the Company at approximately $443 million. American Oil & Gas shareholders may also receive a cash dividend based on the Company's positive working capital as of the closing date.
The investigation concerns whether the American Oil & Gas Board of Directors breached their fiduciary duties to American Oil & Gas stockholders by failing to adequately shop the Company before entering into this transaction and whether Hess is underpaying for American Oil & Gas shares. American Oil & Gas stock traded at $7.52 per share as recently as May 12, 2010 and the median price target for American Oil & Gas stock set by analysts is $8.50 per share with at least one analyst setting a price target at $10.00 per share.
If you own common stock in American Oil & Gas and wish to obtain additional information about this investigation and what is being done to advance the shareholders' interests, please contact Joseph Klein, Esq. directly, via email at jk ( @ ) jkleinlawfirm dot com, by telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit http://www dot jkleinlawfirm dot com/american-oil-gas dot html dot
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation.
CONTACT:
Joseph Klein, Esq.
1560 East 27th Street
Brooklyn, NY 11229
Telephone: (718) 947-0005
Fax: (718) 799-1443
Toll Free: (877) STOK-180 (877-786-5180)
E-Mail: jk ( @ ) jkleinlawfirm dot com
The Web: www.jkleinlawfirm.com
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http://www.jkleinlawfirm.com//american-oil-gas.html
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