NEW YORK, May 5, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Quintana Energy Services, Inc. ("QES" or the "Company") (NYSE: QES) in connection with the proposed acquisition of the Company by KLX Energy Services Holdings, Inc. ("KLXE") (NASDAQ: KLXE). Under the terms of the acquisition agreement, shareholders will receive 0.4844 shares of a KLXE common stock for QES share they own. This represents consideration of approximately $0.64 per QES share, based on KLXE's closing price of $1.32 on May 4, 2020.
If you own QES 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 QES's board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, at least one analyst set a target price of $9.00 per QES share. Moreover, at the close of the transaction, KLXE shareholders will own the majority of the combined company with a 59% stake in the new company, leaving the remaining 41% to QES shareholders.
Given these facts, WeissLaw is concerned whether the proposed acquisition 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