NEW YORK, April 6, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Limco-Piedmont, Inc. ("Limco" or the "Company") (Nasdaq:LIMC) arising out of their attempt to sell the Company to TAT Technologies, LTD ("TAT"). Under the terms of the merger agreement, Limco's stockholders will receive one half of an ordinary share of TAT for each share of Limco common stock they own, or approximately $2.37 for each Limco share per TAT share price on April 3, 2009. The transaction is unfair, given that, among other things, the Company's shares traded above $2.37 per share as recently as March 13, 2009. Furthermore, as of Dec. 31, 2008, Limco had $21.3 million in cash, or approximately $1.61 per share, and a book value of over $5.04 per share. Currently, TAT currently owns 61.8% of Limco's common stock.
If you own common stock in Limco and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/limc.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.