Science & Technology
Mon, January 9, 2012
NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of Jingwei International Limited (aJingweia or the aCompanya) (NASDAQ: JNGW) for possible breaches of fiduciary duty and other violations of state law in connection with a going private proposal by its Chairman and Chief Executive Officer, George (Jianguo) Du. According to the proposal letter, Du is asking the Board to consider a reverse stock split transaction that would include a reverse split at a 1-for-50,000 share ratio followed by a cancellation of all fractional shares below one whole share at a per share price of $1.56. Du is willing to provide funding to Jingwei at a price of $1.56 per share to fund the cancellation of fractional shares following a reverse split in order to effect the going-private transaction.
Click here to learn how to join the action: [ http://www.zlk.com/jingwei-international-jngw ], or call: 877-363-5972.
The investigation concerns, among other things, whether the consideration to be paid to Jingwei shareholders is unfair, inadequate, and substantially below the fair or inherent value of Jingwei. In particular, Jingwei stock traded as high as $2.85 per share as recently as July 25, 2011. Furthermore, Jingwei reported a book value of $2.98 per share for the most recent quarter.
If you own common stock in Jingwei 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 [ http://www.zlk.com ].
Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation 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.
