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Law firm Brodsky & Smith, LLC has announced that it is investigating potential claims against the board of directors of Andatee China Marine Fuel Services Corporation relating to the proposed acquisition by its chief executive officer and majority shareholder An Fengbin.

Brodsky & Smith becomes the fourth US law firm to launch an investigation into the Chinese bunker supplier following previous announcements by Levi & Korsinsky, LLP, Rigrodsky & Long, P.A. and Tripp Levy PLLC.

Fengbin already owns approximately 50.5 percent of the company’s outstanding common stock. The buyout proposal contemplates Fengbin’s launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash.

The investigation concerns possible breaches of fiduciary duty and other violations of state law by the board of directors of Andatee for not acting in the company's shareholders' best interests in connection with the sale process.

Brodsky & Smith points out that the proposed price is below an analyst price target of $7.00 per share. It also says that the transaction may undervalue Andatee as the stock traded at $5.20 as recently as February 17th 2011.