NEW YORK, June 24, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors and the majority shareholder of Erickson Air-Crane, Inc. ("Erickson" or the "Company") (NasdaqGM: EAC) for possible breaches of fiduciary duty and other violations of state law in connection with the purchase of Evergreen Helicopters, Inc. ("Evergreen").
Click here to learn more about the investigation http://zlk.9nl.com/erickson-air-crane-eac/, or call: 877-363-5972. There is no cost or obligation to you.
Evergreen was in financial distress leading up to its acquisition by Erickson, with suppliers withholding parts due to unpaid bills and a resulting inability to maintain its aircraft. As a result of this financial situation, it was unlikely Evergreen would be able to pay off the substantial second lien debt it owed to a group of private equity funds collectively known as ZM Funds. This consortium held, at the time, 60% of Erickson stock. Then on March 20, 2013, Erickson announced it had agreed to acquire Evergreen for $250 million—a deal that effectively allowed ZM Funds to exchange approximately $120 million in distressed debt of Evergreen Helicopters for millions of Erickson shares.
The investigation concerns whether the acquisition of Evergreen constituted a breach of fiduciary duty by the Board of Erickson, and its majority shareholder, ZM Funds.
If you own common stock in Erickson and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/erickson-air-crane-eac/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP