MONSEY, N. Y., July 25, 2022 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating whether the directors of Infrastructure & Energy Alternatives, Inc. IEA (“IEA”) acted in the best interests of IEA shareholders in approving the sale of IEA to MasTec, Inc. (“MasTec”) in a cash and stock deal valued at $14.00 per share.
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Why is there an investigation?
On July 25, 2022, IEA announced that it had agreed to be acquired by MasTec for $14.00 per share, comprised of $10.50 per share in cash and 0.0483 of a MasTec share, with a value of $3.50 per share, based on MasTec’s closing share price on July 22, 2022. The agreement has been approved by the IEA board of directors (“Board”).
Our investigation concerns whether IEA’s Board acted in the best interests of IEA shareholders in approving the sale, including whether the acquisition price adequately compensates IEA shareholders, and whether all material information regarding the transaction has been fully disclosed.
Notably, according to an analysis of Wall Street price targets for IEA in the last 90 days published on Seeking Alpha, there is an average price target for IEA of $14.75 per share, and a high price target for IEA of $17.00 per share, both of which are above the deal price.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.