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US law firms Levi & Korsinsky, LLP and Rigrodsky & Long, P.A. say they are investigating the board of directors of Andatee China Marine Fuel Services Corporation for 'possible breaches of fiduciary duty and other violations of state law' in connection with a proposal from its chief executive officer and majority shareholder, An Fengbin, to acquire the remaining shares of the company he does not currently own, for $4.21 per share.

The investigation concerns, amongst other things, whether the consideration to be paid to Andatee shareholders is 'unfair, inadequate, and substantially below the fair or inherent value of Andatee'. In particular, at least one analyst is said to have set a price target of $7.00 per share of Andatee stock.

Last week, Andatee confirmed that it had received notice from An Fengbin of his intention to launch a tender offer to acquire all of the outstanding shares of Andatee that he does not already own at a price of $4.21 per share in cash, subject to financing, due diligence and other conditions.

Andatee said that its board of directors had established a special committee to consider the offer.

"The special committee will consider and take a position with respect to the offer in accordance with applicable legal requirements." Andatee commented last week.

Levi & Korsinsky has extensive experience in prosecuting investor securities litigation involving financial fraud and represents investors throughout the United States, focusing its practice on securities and shareholder litigation.

Rigrodsky & Long 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 United States.