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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of FTO

02-23-2011 08:51 AM CET | Fashion, Lifestyle, Trends

Press release from: Levi & Korsinsky, LLP

Levi & Korsinsky is investigating the Board of Directors of Frontier Oil Corporation (“Frontier” or the “Company”) (NYSE: FTO) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Holly Corporation.

New York, NY, February 23, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Frontier Oil Corporation (“Frontier” or the “Company”) (NYSE: FTO) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Holly Corporation (“Holly”) (NYSE: HOC). Under the terms of the proposed transaction, Frontier stockholders will receive 0.4811 shares of Holly for every share of Frontier stock they own. Frontier will also pay a $0.28 per share special dividend on March 21, 2011 to Frontier shareholders of record as of March 7, 2011. The proposed transaction implies a per share price of $26.99, excluding the special dividend and quarterly dividend, for a total transaction value of approximately $2.9 billion.

Click here to learn more about the investigation: http://www.zlk.com/frontier-oil-fto.html, or call: 877-363-5972.

The investigation concerns whether the Frontier Board of Directors breached their fiduciary duties to Frontier stockholders by failing to adequately shop the Company before entering into this transaction and whether Holly is underpaying for Frontier shares, thus unlawfully harming Frontier stockholders. In particular, at least one analyst set a target price for Frontier stock at $33 per share and Frontier stock traded at $29.27 per share as recently as February 17, 2011.

If you own common stock in Frontier and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/frontier-oil-fto.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Levi & Korsinsky is investigating the Board of Directors of Frontier Oil Corporation (“Frontier”)

Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

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