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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of China XD Plastics Company Limited (“China XD” or the “Company”) (NASDAQ: CXDC) to Mr. Jie Han, the chairman of board of directors and chief executive officer of the Company, through his company Faith Dawn Limited (“Faith Dawn”). Under the terms of the merger, Faith Dawn will acquire all of the outstanding common shares of China XD for cash consideration equal to $1.20 per share.
The China XD merger investigation concerns whether the Board of China XD breached their fiduciary duties to stockholders by failing to fully explore the company’s options before agreeing to enter into this transaction and whether Mr. Jie Han, through Faith Dawn, is underpaying for China XD shares, thus unlawfully harming China XD shareholders.
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