NEW YORK, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Union Drilling, Inc. ("Union Drilling" or the "Company") (Nasdaq:UDRL) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Sidewinder Drilling Inc. A complaint was filed in Texas state court.
Click here to learn more about the investigation: http://zlk.9nl.com/union-drilling-udrl, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, Union Drilling shareholders will receive $6.50 for each Union Drilling share they own. The transaction has a total approximate value of $242 million. The claims concern whether the Union Drilling Board of Directors breached their fiduciary duties to Union Drilling stockholders by failing to adequately shop the Company before entering into this transaction and whether Sidewinder Drilling Inc. is underpaying for Union Drilling shares, thus unlawfully harming Union Drilling stockholders. In particular, Union Drilling reported a book value of $8.76 per share for the most recent quarter.
If you own common stock in Union Drilling and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/union-drilling-udrl.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP