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Another US law firm, Tripp Levy PLLC, has announced that it is investigating potential claims against the board of directors of Andatee China Marine Fuel Services Corporation concerning possible breaches of fiduciary duty and other violations of law related to the company’s receipt of a proposal from its chief executive officer and majority shareholder, An Fengbin, to acquire the remainder of the company he does not already own.

The announcement follows the news that two other law firms, Levi & Korsinsky, LLP and Rigrodsky & Long, P.A., also intend to investigate the Chinese bunker supplier.

Fengbin already owns approximately 50.5 percent of the company’s outstanding common stock. The buyout proposal contemplates Fengbin’s launch of a tender offer to acquire all of the outstanding shares of common stock of Andatee he does not already own for $4.21 per share in cash.

According to Tripp Levy, the investigation concerns whether Andatee's board of directors is adequately shopping the company and working to obtain the best price possible for Andatee’s shareholders. The law firm points out that the book value alone for Andatee is over $5.70 per share.

Andatee is a leading producer, distributor, and retailer of quality marine fuel for small cargo and fishing vessels in China. Earlier this month the company announced that net income during the third quarter and first nine months of 2011 declined by $0.3 million and $0.8 million respectively in a comparison with the prior-year periods.

Net income attributable to shareholders during the third quarter was $2.3 million, or $0.23 per diluted share, compared to $2.6 million, or $0.27 per diluted share, in 2010.

Total revenues were $65.8 million, representing an increase of 14.3 percent year-on-year from $57.5 million in the third quarter of 2010.

Mr Fengbin is the founder of Andatee's bunker supply business Dalian Xing Yuan Marine Fuel Co. Ltd. Last month he purchased 18,282 shares of company stock worth US$51,945, according to an SEC Filing. The purchase followed the announcement towards the end of September that he had adopted a share repurchase plan under which he may purchase up to a value of $2 million of the company's common stock up until September 19, 2012, subject to 'certain conditions'.

Between October 2010 and Octobeer 2011, An Fengbin purchased 128,463 shares in the company with a total cost of $599,236.

Last year, he purchased a total of 80,474 shares in the company between November 23rd and December 16th 2010.