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

03-15-2011 09:21 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Levi & Korsinsky, LLP

levi & Korsinsky is investigating the Board of Directors of K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”) (NYSE: KSP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Kirby Corporation.

New York, NY, March 15, 2011 -- Levi & Korsinsky is investigating the Board of Directors of K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”) (NYSE: KSP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Kirby Corporation (“Kirby”) (NYSE: KEX). Under the terms of the transaction, K-Sea shareholders can elect to receive either (a) $8.15 in cash or (b) $4.075 in cash plus 0.0734 of a share of Kirby common stock for each share of K-Sea they own. The total value of the transaction is approximately $600 million, consisting of $335 million for K-Sea's equity and the refinancing of $265 million of K-Sea debt. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea’s incentive distribution rights.

Click here to learn how to join the action: http://www.zlk.com/k-sea-transportation-ksp.html, or call: 877-363-5972.

The investigation concerns whether the K-Sea Board of Directors breached their fiduciary duties to K-Sea stockholders by failing to adequately shop the Company before entering into this transaction and whether Kirby is underpaying for K-Sea shares, thus unlawfully harming K-Sea stockholders. In particular, for the most recent quarter, K-Sea reported a book value of $11.77 per share.

If you own common stock in K-Sea 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/k-sea-transportation-ksp.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

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

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:
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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