Faruqi & Faruqi, LLP Announces Investigation of General Bearing Corp. (GNRL)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of General Bearing Corp. (“General Bearing” or the “Company”) (OTC: GNRL.PK) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to SKF Group, a Swedish company, in an all-cash deal valued at about $144.30 million. Under the terms of the proposed transaction, General Bearing shareholders will receive $28 in cash for each share of General Bearing common stock they own.
Whether General Bearing’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues General Bearing’s shares and by how much this proposed transaction undervalues the Company to the detriment of General Bearing’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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