Law Office of Abe Shainberg Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Allis-Chalmers Energ...

The Law Office of Abe Shainberg is investigating the Board of Directors of Allis-Chalmers Energy Inc. (NYSE: ALY) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Seawell Limited.

Under the terms of the transaction, Allis-Chalmers shareholders will have the right to elect to receive either $4.25 in cash or 1.15 Seawell common shares for each share they own, subject to pro-ration if more than 35% of the shares elect to receive cash, placing the total value of the transaction at approximately $890 million, including assumed debt. The investigation concerns whether the Allis-Chalmers Board of Directors breached their fiduciary duties to Allis-Chalmers stockholders by failing to properly shop the Company before entering into this transaction and whether Seawell is underpaying for Allis-Chalmers. Allis-Chalmers stock traded at $4.57 per share as recently as January 14, 2010 and at least one analyst set a price target for Allis-Chalmers stock at $7.00 per share.

If you own common stock in Allis-Chalmers and wish to obtain additional information, please contact Abe Shainberg, Esq. directly, via email at as@ashainberglaw.com, by telephone at 212.425.7268, or visit http://www.ashainberglaw.com/allis-chalmers-aly.html.

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.

Allis-Chalmers Energy (NYSE:ALY)
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