NEW YORK, Sept. 28, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Chemtura Corp. ("CHMT" or the "Company") in connection with the proposed acquisition of the Company by Lanxess AG ("Lanxess"). On September 25, 2016, the Company announced that it had reached a definitive agreement for Lanxess to acquire all outstanding shares of CHMT in a transaction valued at approximately $2.7 billion. Under the terms of the agreement, the Company's shareholders will receive $33.50 in cash for each CHMT share they own.
WeissLaw is investigating whether CHMT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $35.00 per share, or $1.50 above the offer price. Additionally, the Company recently announced positive financial results for the second quarter of fiscal year 2016. It reported GAAP earnings from continuing operations of $0.53 per diluted share compared to $0.26 in the same period of the previous year.
Given these facts, WeissLaw is investigating whether CHMT's Board acted in the best interests of CHMT's public shareholders to maximize shareholder value prior to entering into the agreement. If you own CHMT shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
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 or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP