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 against Takeover announced by Shareholders Foundation - EconoTimes)
SAN DIEGO, Nov. 30, 2016 -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of WCI Communities Inc (NYSE:WCIC), filed a lawsuit in Florida against the proposed acquisition of WCI Communities Inc by Lennar Corporation for $23.50 per share.
Investors, who purchased shares of WCI Communities Inc (NYSE:WCIC) prior to September 22, 2016, and currently hold any of those (NYSE:WCIC) shares, have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to (NYSE:WCIC) stockholders by agreeing to sell WCI Communities Inc too cheaply via an unfair process.
On Sept. 22, 2016, WCI Communities Inc (NYSE:WCIC) announced the signing of a merger agreement under which Lennar Corporation (NYSE:LEN) and (NYSE:LEN.B) has agreed to acquire all of the outstanding shares of WCI Communities Inc (NYSE:WCIC) common stock in a cash and stock transaction valued at $23.50 per (NYSE:WCIC) share.
However, the plaintiff claims that the proposed consideration (NYSE:WCIC) shareholders will receive is grossly inadequate and undervalues WCI Communities Inc. The plaintiff alleges that key information was left out of documents filed with U.S. Securities and Exchange Commission regarding the deal. In addition, the plaintiff claims that the process is also unfair to (NYSE:WCIC) stockholders. The plaintiff says that the defendants agreed to preclusive deal protection devices, such as limited and inadequate post-signing go-shop period, a matching rights, and a $22.5 million termination fee that deter other bidders from making a superior offer.
Those who currently hold WCI Communities Inc (NYSE:WCIC) shares have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779 - 1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
