Key Developments: Andatee China Marine Fuel Services Corp (AMCF.W)
0.82USD
4 Mar 2013
$0.10 (+13.89%)
$0.72
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$3.34
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Latest Key Developments (Source: Significant Developments)
Andatee China Marine Fuel Services Corp Appoints New CFO-Form 8-K
Andatee China Marine Fuel Services Corp reported in its Form 8-K that on December 17, 2012, the Board of Directors (Board) of Andatee China Marine Fuel Services Corporation (Company) appointed Wang Hao as the Company’s Chief Financial Officer (CFO). The effective date of his appointment is December 17, 2012. Full Article
Andatee China Marine Fuel Services Corp Announces Management Change-Form 8-K
Andatee China Marine Fuel Services Corp reported in its Form 8-K that Haipeng (Abraham) Wang, Chief Financial Officer of the Company, tendered his resignation effective November 23rd, 2012 as the Company’s CFO. Mr. Wang’s departure was not due to any disagreement with the Company. Specifically, Mr. Wang cited his inability to relocate from Shanghai to Dalian as the Company’s executive offices move to Dalian. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Andatee China Marine Fuel Services Corporation
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Andatee China Marine Fuel Services Corporation, relating to the proposed acquisition by its Chief Executive Officer and majority shareholder. Under the terms of the proposal, the Company shareholders would receive $4.21 in cash for each share of the Company stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Andatee for not acting in the Company’s shareholders' best interests in connection with the sale process with the Company’s majority shareholder. The transaction may undervalue the Company as the Company’s stock traded at $5.20 as recently as February 17, 2011, and the proposed price is below an analyst price target of $7.00 per share. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Andatee China Marine Fuel Services Corp
Levi & Korsinsky announced that it is investigating the Board of Directors of Andatee China Marine Fuel Services Corp for possible breaches of fiduciary duty and other violations of state law in connection with a proposal from its Chief Executive Officer and majority shareholder, An Fengbin, to acquire the remaining shares of the Company he does not currently own for $4.21 per share. The investigation concerns, among other things, whether the consideration to be paid to Andatee shareholders is unfair, inadequate, and substantially below the fair or inherent value of Andatee. In particular, at least one analyst set a price target of $7.00 per share of Andatee stock. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Andatee China Marine Fuel Services Corp
Law Office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Andatee China Marine Fuel Services Corporation.relating to the proposed acquisition by its Chief Executive Officer (CEO) and majority shareholder. Under the terms of the proposal, Andatee shareholders would receive $4.21 in cash for each share Andatee stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Andatee for not acting in the Company`s shareholders' best interests in connection with the sale process with the Company`s majority shareholder. Full Article
Tripp Levy PLLC Announces Investigation Of Andatee China Marine Fuel Services Corp
Tripp Levy PLLC announced that it is investigating potential claims against the board of directors of Andatee China Marine Fuel Services Corporation (Andatee or the Company) concerning possible breaches of fiduciary duty and other violations of law related to the Company's receipt of a proposal from its Chief Executive Officer and majority shareholder, An Fengbin (Fengbin), to acquire the remainder of the Company he does not already own for $4.21 per share in cash (the Proposal). The Proposal contemplates Fengbin's launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash. Fengbin already owns approximately 50.5% of the Company's outstanding common stock. The investigation concerns whether Andatee's board of directors is adequately shopping the Company and working to obtain the best price possible for Andatee's shareholders. Indeed, the book value alone for Andatee is over $5.70 per share. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Andatee China Marine Fuel Services Corp in Connection with Receipt of Buyout Proposal from Chief Executive Officer
Levi & Korsinsky is investigating the Board of Directors of Andatee China Marine Fuel Services Corp for possible breaches of fiduciary duty and other violations of state law in connection with a proposal from its Chief Executive Officer and majority shareholder, An Fengbin, to acquire the remaining shares of the Company he does not currently own for $4.21 per share. The investigation concerns, among other things, whether the consideration to be paid to Andatee shareholders is unfair, inadequate, and substantially below the fair or inherent value of Andatee. In particular, at least one analyst set a price target of $7.00 per share of Andatee stock. Full Article
Rigrodsky & Long, P.A. Investigates Andatee China Marine Fuel Services Corp's Receipt of Going Private Proposal
Rigrodsky & Long, P.A. announced that it is investigating potential claims against the Board of Directors of Andatee China Marine Fuel Services Corporation concerning possible breaches of fiduciary duty and other violations of law related to the Company`s receipt of a proposal from its Chief Executive Officer and majority shareholder, An Fengbin (Fengbin), to acquire the remainder of the Company he does not already own for $4.21 per share in cash (Proposal). The Proposal contemplates Fengbin`s launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash. Fengbin already owns approximately 50.5% of the Company`s outstanding common stock. The investigation concerns whether Andatee`s board of directors is adequately shopping the Company and working to obtain the best price possible for Andatee`s shareholders. Indeed, according to Yahoo! Finance, at least one analyst has issued a price target for $7.00 per share for Andatee stock. Full Article
Andatee China Marine Fuel Services Corp Reaffirms FY 2011 Revenue Guidance; Raises FY 2011 Net Income Guidance
Andatee China Marine Fuel Services Corp reaffirmed fiscal 2011 revenue guidance to a range of $225-$275 million and raised fiscal 2011 net income guidance to a range $7 million and $9 million, from between $5 million and $8 million. Full Article
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