LITTLE ROCK, Ark., May 22, 2007 (PRIME NEWSWIRE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Little Rock, Arkansas and Houston, Texas, announced today that it filed a class action lawsuit yesterday in the Pulaski County (Arkansas) Circuit Court (Case No. CV 2007 006406) on behalf of holders of Alltel Corporation (NYSE:AT) Common Stock. The suit, filed against Alltel and its directors, alleges that certain Alltel insiders and directors were provided with preferential treatment in connection with their efforts to complete the sale of Alltel to TPG Capital (formally Texas Pacific Group and GS Capital Partners) a subsidiary of Goldman Sachs in a transaction valued at approximately $27.5 billion.
The complaint further alleges that Alltel and its directors breached their fiduciary duties by placing their own interests ahead of the company's public shareholders by agreeing to a merger, which will offer a meager premium to shareholders but will enrich the directors significantly upon consummation of the "change of control" transaction.
Emerson Poynter LLP is a national law firm with offices in Little Rock, AR and Houston, TX. The firm represents shareholder, consumers and investors all over the nation and has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases. A copy of the complaint will be available on the firm's website. For further information, please contact:
Emerson Poynter LLP Scott E. Poynter, Esq Phone: 501.907.2555 Toll Free: 800.663.9817 Fax: 501.907.2556 alltelcase@emersonpoynter.com 500 President Clinton Ave, Suite 305 Little Rock, AR 72201
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.