BALA CYNWYD, PA / ACCESSWIRE / February 24, 2017 / Law office of Brodsky & Smith, LLC announces an investigation of the Board of Directors of Delta Natural Gas Company, Inc. ("Delta Natural Gas" or "the Company") (NASDAQ:DGAS - News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to PNG Companies LLC ("PNG").
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Under the terms of the transaction, Delta Natural Gas common shareholders will receive only $30.50 in cash for each share of Delta Natural Gas stock they own. The litigation concerns whether the Board of Delta Natural Gas breached their fiduciary duties to shareholders and whether PNG is underpaying for the Company. The transaction may undervalue the Company and would result no real gain for many Delta Natural Gas shareholders. For example, shares of Delta Natural Gas stock traded at $30.09 per share on December 20, 2016. In addition, the investigation also relates to the timing of the transaction as Delta Natural Gas recently announced a dividend.
If you own shares of Delta Natural Gas stock and wish to discuss the legal ramifications of the litigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/delta-natural-gas-company-inc-nasdaq-dgas/, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC