METC Alert: Monsey Firm of Wohl & Fruchter LLP Investigating Acquisition of Ramaco Coal by Ramaco Resources, Inc. from Related Parties
MONSEY, N.Y., Feb. 24, 2022 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating whether the board of directors of Ramaco Resources Inc. (Nasdaq: METC) (“Ramaco”) acted in the best interests of public Ramaco shareholders in agreeing to pay $65 million in cash to acquire 100% of the equity interests in Ramaco Coal, LLC (“Ramaco Coal”) from related parties, i.e., Ramaco shareholders Yorktown Energy Partners IX, L.P. (“Yorktown IX”), Randall W. Atkins (“Atkins”) and Michael Bauersachs (“Bauersachs”).
If you remain a Ramaco shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/ramaco-resources/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On February 24, 2022, before the markets opened, Ramaco announced that a subsidiary had agreed to pay $65 million in cash to acquire 100% of Ramaco Coal from related parties, i.e., Ramaco shareholders Yorktown IX, Atkins and Bauersachs.
According to a filing with the SEC on February 2, 2022 (“Feb 2022 Filing”), Yorktown IX presently owns 20.32% of the shares of Ramaco.
Additionally, Atkins currently serves as CEO and Chairman of the Board of Ramaco, and according to the Feb 2022 Filing, currently owns 7.82% of the shares of Ramaco.
Finally, according to the Feb 2022 Filing, Bauersachs is the former President and CEO of Ramaco. He resigned effective December 31, 2020, but continues to serve as a consultant to Ramaco. A proxy statement filed with the SEC on April 30, 2021 (“April 2021 Filing”), indicated that Bauersachs owned 6.96% of the shares of Ramaco at that time.
The April 2021 Filing further disclosed that Yorktown IX, Atkins and Bauersachs are the sole owners of Ramaco Coal.
Wohl & Fruchter’s investigation concerns the disinterestedness and independence of the members of the Ramaco board who approved the transaction, and whether the transaction was in the best interests of public METC shareholders.
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.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
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