An investigation for shareholders of China Ming Yang Wind Power Group Ltd (NYSE:MY) in connection with the proposed takeover was announced and NYSE:MY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/09/2015 -- An investigation for shareholders, who currently hold NYSE:MY shares, was announced concerning the proposed takeover of China Ming Yang Wind Power Group Ltd by from its Chairman and Chief Executive Officer, Mr. Chuanwei Zhang at $2.51 per share.
Investors who purchased shares of China Ming Yang Wind Power Group Ltd (NYSE:MY) and currently hold any of those NYSE:MY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of China Ming Yang Wind Power Group Ltd breached their fiduciary duties owed to NYSE:MY investors in connection with the proposed acquisition.
On November 1, 2015, China Ming Yang Wind Power Group Ltd (NYSE:MY) announced that its Board of Directors has received a preliminary non-binding proposal letter, dated November 2, 2015, from its Chairman and Chief Executive Officer, Mr. Chuanwei Zhang, to acquire all of the outstanding ordinary shares of the Company not already beneficially owned by Mr. Zhang in a "going-private" transaction for US$ 2.51 per American Depository Share or ordinary share in cash.
However, given that Mr. Zhang already currently beneficially owns approximately 33% of the issued and outstanding ordinary shares of China Ming Yang Wind Power Group Ltd, the investigation concerns whether the offer is unfair to NYSE:MY stockholders.
In addition, given that shares of China Ming Yang Wind Power Group Ltd (NYSE:MY) traded as recently as April 2015 in the open market as high as $3.69 per share, the investigation concerns whether the China Ming Yang Wind Power Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On December 7, 2015, NYSE:MY shares closed at $2.18 per share,
Those who are current investors in China Ming Yang Wind Power Group Ltd (NYSE:MY) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com