NEW YORK, May 16, 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 Foundation Coal Holdings, Inc. ("Foundation" or the "Company") (NYSE:FCL) arising out of their attempt to agree to merge with Alpha Natural Resources ("Alpha") to form a new company (the "Surviving Corporation"). Under the terms of the agreement, shareholders of Foundation will receive 1.084 shares of the Surviving Corporation (or approximately $32.73 per share) for each share of Foundation they own, or approximately $1.4 billion in the aggregate. The transaction is unfair and could be the result of an unfair process, given that, among other things, the Company's shares traded above $88 per share as recently as July 2008. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Foundation and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/fcl.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.