Energy Connect Group, Inc. (fka ECNG)

[MoneyBob]

nice job...I don't blame ya :)


Thursday, March 03 2011 11:32 AM, EST Rigrodsky & Long, P.A. Investigates Buyout of EnergyConnect Group, Inc. ECNG.OB Business Wire   "Press Releases - English"
WILMINGTON, Del. --(BUSINESS WIRE)-- Rigrodsky & Long, P.A . announces that it is investigating potential claims against the board of directors of EnergyConnect Group, Inc. (EnergyConnect or the Company) (OTCBB: ECNG.ob) concerning possible breaches of fiduciary duty and other violations of law related to the Companys entry into an agreement to be acquired by Johnson Controls, Inc. ( Johnson Controls) (NYSE: JCI) in a transaction with a total value of approximately $32.3 million . Click here to learn how to join the action: http://www.rigrodskylong.com/news/EnergyConnectGroupInc-ECNG.

Under the proposed agreement, EnergyConnect shareholders will receive $0.2253 per share in cash for each EnergyConnect share they own. The investigation concerns whether EnergyConnects board of directors failed to adequately shop the Company and obtain the best price possible for EnergyConnects shareholders before entering into the agreement with Johnson Controls .

As recent as November 9, 2010 , the Company reported a third quarter 2010 revenue increase of 68% over 2009. Indeed, Andrew Warner , EnergyConnects CFO, said, [t]he results for the first nine months of 2010 exceeded our expectations, more than doubling year-to-date Adjusted EBITDA, compared to the prior year period. Moreover, according to Yahoo ! Finance, at least one analyst has set a price target of $2.50 per share for EnergyConnect stock.

If you own the common stock of EnergyConnect and purchased your shares before March 3, 2011 , if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman , Case Development Director, of Rigrodsky & Long, P.A ., 919 N. Market Street , Suite 980, Wilmington, Delaware , by telephone at [phone], or by e-mail to [e-mail].

Rigrodsky & Long, P.A ., with offices in Wilmington, Delaware and Garden City, New York , regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States .

Attorney advertising. Prior results do not guarantee a similar outcome.



Rigrodsky & Long, P.A . Seth D. Rigrodsky, Esquire Noah R. Wortman, Case Development Director 888-969-4242 302-295-5310 Fax: [phone] [e-mail] http://www.rigrodskylong.com

Source: Rigrodsky & Long, P.A .