MILWAUKEE, May 21, 2015 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Eagle Rock for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Eagle Rock to Vanguard.
Click here to learn how to join the action: http://www.ademilaw.com/case/eagle-rock or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Eagle Rock’s long-term financial outlook is positive and yet shareholders will receive only the equivalent of $3.05 per share. Vanguard is well aware of Eagle Rock’s improving financial metrics and is purchasing Eagle Rock at a substantial discount. The merger agreement unreasonably limits prospective bids by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Eagle Rock receive and accept a superior bid. Eagle Rock’s insiders and their affiliates own significant stock, and will receive millions of dollars as part of change of control arrangements. These insiders can unduly influence a sale of Eagle Rock not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Eagle Rock’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Eagle Rock given its current financial condition and prospects.
If you own shares of Eagle Rock and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/eagle-rock.
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