NEW YORK, May 22, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Isramco, Inc. ("ISRL" or the "Company") (NASDAQ CM: ISRL) in connection with the proposed "take private" transaction of the Company led by Naphtha Israel Petroleum Corporation Ltd. ("Naphtha"), Naphtha Holding Ltd. ("NHL"), I.O.C. – Israel Oil Company, LTD. ("IOC") and Naphtha US Oil, Inc. (each a wholly owned subsidiary of Naphtha, and, together with Naphtha, the "Naphtha Group"). Under the terms of the agreement, ISRL shareholders will receive $121.40 per share.
If you are a shareholder of ISRL who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
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WeissLaw is investigating whether ISRL's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the acquisition will expand Naphtha's footprint in the United States to include ISRL's more than 400 oil and gas wells. Additionally, the offer price represents a meager 4.4% premium over the Company's 30-day average share price.
Moreover, the Company reported revenue of $80 million for the fiscal year ended 2018, up more than 27% from 2017.
Given these facts, WeissLaw is also investigating whether ISRL's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org.
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