Key Developments: Lufkin Industries Inc (LUFK.O)

Latest Key Developments (Source: Significant Developments)

Lufkin Industries Inc Announces Second Quarter 2013 Dividend Of $0.125 Per Share
Thursday, 2 May 2013 07:00am EDT

Lufkin Industries Inc announced that the Board of Directors has declared a second quarter cash dividend of $0.125 per share on its common stock. The dividend will be paid on June 10, 2013, to shareholders of record on June 3, 2013. Full Article

Former Attorney General of Louisiana and Kahn Swick & Foti, LLC Investigate Lufkin Industries Inc
Wednesday, 17 Apr 2013 01:11pm EDT

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC announced that KSF has commenced an investigation into the Board of Directors of Lufkin Industries Inc. (Lufkin or the Company) in connection with their conduct related to the sale of the Company to General Electric Company. Under the terms of the proposed transaction, shareholders of Lufkin will receive $88.50 in cash for each share of Lufkin common stock that they own. KSF`s investigation is focusing on whether Lufkin and/or its officers and directors secured sufficient value for the shareholders of the Company and/or violated state or federal securities laws. Full Article

Law Office of Brodsky & Smith, LLC Announces Investigation Of Lufkin Industries Inc
Tuesday, 16 Apr 2013 06:31pm EDT

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Lufkin Industries Inc relating to the proposed acquisition by General Electric Co. (GE). Under the terms of the transaction, Lufkin shareholders will receive only $88.50 in cash for each share of Lufkin stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Lufkin for not acting in the Company’s shareholders' best interests in connection with the sale process to GE. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Lufkin stock traded at $89.17 as recently as July 7, 2011 and $94.42 on April 19, 2011. In addition, Lufkin’s lift technologies are currently utilized in 94% of the oil-producing wells worldwide. This has resulted in Lufkin generating a record $1.3 billion in revenues in 2012, a 37% increase from the prior year. Full Article

Rigrodsky & Long, P.A. Announces Investigation Of Lufkin Industries Inc
Saturday, 13 Apr 2013 12:00pm EDT

Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Lufkin Industries Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by General Electric Company (GE) in a transaction valued at approximately $3.3 billion. Under the terms of the proposal, public shareholders of Lufkin will receive $88.50 per share in cash for each share of Lufkin they own. The investigation concerns whether Lufkin's board of directors failed to adequately shop the Company and obtain the best possible value for Lufkin's shareholders before entering into an agreement with GE. Full Article

Lifshitz Law Firm Announces Investigation Of Lufkin Industries Inc
Saturday, 13 Apr 2013 11:16am EDT

Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Lufkin Industries Inc to GE, for approximately $3.3 billion. Lufkin shareholders will receive $88.50 per share in cash for each of their Lufkin shares. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to the Company's shareholders. Full Article

Law Office of Brodsky & Smith, LLC Announces Investigation Of Lufkin Industries Inc
Wednesday, 10 Apr 2013 09:00pm EDT

Law Firm Brower Piven Announces Investigation Of Lufkin Industries Inc Proposed Buyout
Wednesday, 10 Apr 2013 11:03am EDT

The securities litigation firm of Brower Piven, A Professional Corporation, announced that it has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Lufkin Industries, Inc. (Lufkin or the Company) and other violations of state law by the board of directors of Lufkin relating to the proposed buyout of the Company by General Electric Company. The firm`s investigation seeks to determine, among other things, whether Lufkin`s board of directors breached their fiduciary duties by failing to maximize shareholder value. As stated in the press release announcing the proposed buyout, Lufkin shareholders will receive $88.50 in cash for each share of Lufkin common stock they own. Full Article

Zeldes & Haeggquist, LLP Announces Investigation of Lufkin Industries Inc
Tuesday, 9 Apr 2013 09:15am EDT

Zeldes & Haeggquist, LLP announced that it has commenced an investigation into possible legal claims against the Board of Directors of Lufkin Industries Inc regarding possible breaches of fiduciary duties and other violations of law related to Lufkin's entry into an agreement to be acquired by General Electric Co. in a transaction valued at approximately $3 billion. Full Article

Law Office of Brodsky & Smith, LLC Announces Investigation Of Lufkin Industries Inc
Monday, 8 Apr 2013 10:00pm EDT

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Lufkin Industries Inc relating to the proposed acquisition by General Electric Co. Under the terms of the transaction, Lufkin shareholders will receive only $88.50 in cash for each share of Lufkin stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Lufkin for not acting in the Company's shareholders' best interests in connection with the sale process to GE. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Lufkin stock traded at $89.17 as recently as July 7, 2011 and $94.42 on April 19, 2011. In addition, Lufkin's lift technologies are currently utilized in 94% of the oil-producing wells worldwide. This has resulted in Lufkin generating a record $1.3 billion in revenues in 2012, a 37% increase from the prior year Full Article

Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Lufkin Industries Inc in Connection with Sale to General Electric Co.
Monday, 8 Apr 2013 07:46pm EDT

Levi & Korsinsky announced that it is investigating the Board of Directors of Lufkin Industries Inc for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to General Electric Co. Under the terms of the transaction, Lufkin shareholders will receive $88.50 for each share of Lufkin stock they own. The transaction has a total approximate value of $3.3 billion. The investigation concerns whether the Lufkin Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether General Electric is underpaying for Lufkin stock, thus unlawfully harming Lufkin stockholders. Full Article

Lufkin Industries Inc News

GE gets antitrust approval to buy oil pump maker Lufkin

WASHINGTON - General Electric Co has won U.S. antitrust approval to buy oilfield pump maker Lufkin Industries Inc , a $2.98 billion deal that will allow GE to sharply increase its presence in the fast-growing market to extract oil and natural gas from shale.

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Earnings vs. Estimates

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