Lawsuit for Investors in WCI Communities Inc (NYSE:WCIC) against Takeover announced by Shareholders Foundation
November 30 2016 - 8:35AM
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
mail@shareholdersfoundation.com 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 mail@shareholdersfoundation.com 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
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Lennar (NYSE:LEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lennar (NYSE:LEN)
Historical Stock Chart
From Sep 2023 to Sep 2024