| [July 28, 2010] |
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Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of American Oil & Gas Inc. - AEZ
NEW YORK --(Business Wire)--
Levi & Korsinsky is investigating the Board of Directors of American Oil
& Gas Inc. ("American Oil & Gas" or the "Company") (AMEX: AEZ) for
possible breaches of fiduciary duty and other violations of state law in
connection with their attempt to sell the Company to Hess Corporation
("Hess") (NYSE: HES). Under the terms of the transaction, American Oil &
Gas shareholders will receive 0.1373 shares of Hess stock for each share
of American Oil & Gas they own. Based on the prior closing price of Hess
stock, the proposed transaction values American Oil & Gas stock at
approximately $7.32 per share and the Company at approximately $443
million. In addition, American Oil & Gas shareholders may receive a cash
dividend based on the Company's positive working capital as of he
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, thus unlawfully harming American Oil & Gas stockholders. In
particular, 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, please contact Joseph E. Levi, Esq. either via
email at jlevi@zlk.com or by
telephone at (212) 363-7500 or visit http://www.zlk.com/american-oil-gas-aez.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.
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