The biggest problem is that issue of the company being taken over. You are correct now is not the time to make waves, but you must resolve this before the new company comes in and starts cutting staff. That being said, you do not want to drop 25% in pay.
The government agency which would determine if the employer's action of reclassification was illegal would be your state's Department of Labor office http://www.dli.state.pa.us/. You might want to talk with them about your situation. If you are going to file a complaint perhaps it would be better to file it against the old company rather than the new one. BUT in the reality of today's economy you really need to be careful with this.
Look at the PA- DOL website, if possible speak with one of their people. Make sure that you know your rights under the DOL. You may decide to hold off on any action until the new company comes in. Undoubtedly their will be some staff shifting and layoffs at that time. Your new bosses may be able to correct the error. Good luck.