NEW YORK–(Business Wire)–
Levi & Korsinsky is investigating the Board of Directors of Mirant
Corporation(“Mirant” or the “Company”) (NYSE: MIR) for possible breaches of
fiduciary duty and other violations of state law in connection with their
attempt to sell the Company to RRI Energy, Inc. (“RRI”) (NYSE: RRI). Under the
terms of the transaction, Mirant shareholders will receive 2.835 RRI shares for
each Mirant share they own. Based on the previous day’s closing prices, the
proposed transaction values Mirant stock at approximately $11.20 per share for a
total transaction value of approximately $1.61 billion.
The investigation concerns whether the Mirant Board of Directors breached their
fiduciary duties to Mirant stockholders by failing to adequately shop the
Company before entering into this transaction and whether RRI is underpaying for
Mirant shares, thus unlawfully harming Mirant stockholders. In particular, (i)
Mirant stock traded in excess of $17.00 per share as recently as January 7,
2010; (ii) the Company has a book value of $29.77 per share; and (iv) at least
one analyst set a price target for Mirant stock at $19.00 per share.
If you own common stock in Mirant and wish to obtain additional information,
please contact us at the number listed below or visit
Levi & Korsinsky has expertise in prosecuting investor securities litigation and
extensive experience in actions involving financial fraud and represents
investors throughout the nation, concentrating its practice in securities and
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Copyright Business Wire 2010