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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of XO Hol

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  Published in Science and Technology on Thursday, January 27th 2011 at 11:20 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of XO Holdings, Inc. (aXO Holdingsa or the aCompanya) (OTC: XOHO) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed takeover bid from ACF Industries Holding Corporation, an affiliate of Carl Icahn. Icahn is the chairman of XO Holdings, and already possesses a majority of XOa™s common stock. Under the terms of the transaction, XO Holdings stockholders would receive $0.70 cash per share of XO Holdings common stock they own. Icahn stated that in no event will he vote his shares in favor of another bid by a third party.

Click here to learn more about the investigation: [ http://www.zlk.com/xoholdings-xoho.html ], or call: 877-363-5972.

The investigation concerns whether the proposed price to be paid to XO shareholders is inadequate and substantially below the inherent value of XO and whether Icahn, as the majority holder, is acting in the best interests of XO shareholders. In particular, XO stock traded as high as $0.76 per share as recently as January 18, 2011, the day before the $0.70 proposal was made.

If you own common stock in XO Holdings and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit [ http://www.zlk.com/xoholdings-xoho.html ].

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.