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NEW YORK, Oct 01, 2009 (BUSINESS WIRE) -- Levi & Korsinsky is investigating the Board of Directors of Sunair Services Corp. ("Sunair" or the "Company") (AMEX: SNR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Massey Services, Inc. ("Massey"). Under the terms of the agreement, Sunair shareholders will receive $2.75 in cash for each share of Sunair common stock they own. Earlier this year, the Company rejected an offer from Massey to purchase the Company for $3.00 per share.
The investigation concerns whether the Sunair Board of Directors breached their fiduciary duties to Sunair shareholders by agreeing to sell the Company at an unfair price given that (i) the Company recently rejected a more lucrative offer; (ii) the Company's shares traded at $2.55 as recently as June 9, 2009; and (iii) the Company has a book value in excess of $3.87 per share.
If you own common stock in Sunair and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/snr1.html.
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 shareholder litigation.
SOURCE: Levi & Korsinsky, LLP
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
212-363-7500
Fax: 212-363-7171
www.zlk.com
Copyright Business Wire 2009