Law Firm of Wohl & Fruchter Commences Investigation into Proposed Merger Between PHC, Inc. and Acadia Healthcare Co., Inc.
25 Maggio 2011 - 4:16AM
Business Wire
The law firm of Wohl & Fruchter LLP has commenced an
investigation into the proposed merger between Acadia Healthcare
Company, Inc. (“Acadia”) and PHC, Inc. d/b/a Pioneer Behavioral
Health (“PHC”) (AMEX: PHC).
On May 24, 2011, PHC and Acadia announced a merger under which
Acadia stockholders will own approximately 77.5% of the combined
company, and PHC stockholders will own approximately 22.5% of the
combined company.
According a press release issued by PHC, the transaction will be
a stock for stock exchange except for, among other things, a
payment of $5 million to Class B stockholders. According to PHC’s
most recent 10-K, dated September 24, 2010, PHC CEO Bruce Shear and
affiliated parties own and control 93.1% of the Class B Common
Stock.
Wohl & Fruchter’s investigation concerns whether approval of
the merger was improperly motivated by conflicts of interest
created as a result of the special $5 million payment to insiders
holding Class B Common Stock.
Additional information is available
at http://www.wohlfruchter.com/cases/phc.
Persons with relevant information, and PHC shareholders with
questions about this investigation, are invited to contact our
Firm.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation
arising from fraud and other fiduciary breaches by corporate
managers, as well as other complex litigation matters. Please visit
our website, www.wohlfruchter.com, to learn more about our Firm, or
contact one of our partners.
This release may be deemed to constitute attorney
advertising.
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