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Kirtland & Packard LLP
Kirtland & Packard LLP Announces Investigation On Behalf of Shareholders of Limco-Piedmont Inc.
EL SEGUNDO, Calif., May 11, 2009 (GLOBE NEWSWIRE) -- Kirtland & Packard LLP, a law firm with extensive experience prosecuting complex litigation on behalf of consumers and investors, announces that it is investigating potential claims against the Board of Directors of Limco-Piedmont Inc. ("Limco-Piedmont" or the "Company") (Nasdaq:LIMC), concerning possible breaches of their duties and other violations of law related to the Company's sale to its largest and controlling shareholder, TAT Technologies Ltd. ("TAT"). Under the terms of the merger agreement, Limco-Piedmont shareholders will receive one half of an ordinary share of TAT for each share of Limco-Piedmont they own, or approximately $2.37 per share based on TAT's share price on April 3, 2009. As Limco-Piedmont shares traded as high as $2.45 per share as recently as March 12, 2009 and have been consistently trading above $2.37 per share since the announcement of the transaction, the transaction appears to be unfair and an undervaluation of the Company.