NEW YORK, Dec. 3, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of SORL Auto Parts, Inc. ("SORL" or the "Company") (NASDAQ: SORL) in connection with the proposed "going-private" transaction (the "transaction") by Ruili International Inc. ("Ruili"), a consortium formed by the Company's Chairman and Chief Executive Officer ("CEO"), and two members of the Board. Under the terms of the transaction, SORL shareholders will receive $4.72 per share in cash.
If you own SORL shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether SORL's Board acted to maximize shareholder value prior to entering into the transaction. Notably, SORL reported earnings for the third quarter that beat the Thomson Reuters consensus estimate and was recently upgraded by Zacks Investment Research from a "sell" rating to a "hold." Finally, the acquisition of SORL by a consortium led by its Chairman and CEO and two of its directors, puts these insiders on both sides of the transaction.
Given these facts, WeissLaw is concerned whether the proposed transaction undervalues the Company, and whether all material information related to the proposed acquisition 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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SOURCE WeissLaw LLP