Law Firm Brower Piven Announces Investigation in Connection With Comverge, Inc. Buyout
28 Marzo 2012 - 6:41PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Comverge, Inc. (Nasdaq: COMV)
(“Comverge”) and other violations of state law by the board of
directors of Comverge relating to the proposed buyout of the
company by Peak Merger Corp. (“Peak”), an affiliate of H.I.G.
Capital, LLC, a private investment firm. The firm’s investigation
seeks to determine, among other things, whether the board breached
its fiduciary duties by failing to maximize shareholder value.
On March 26, 2012, Comverge announced that it had entered into
an agreement providing for Peak to acquire Comverge for
approximately $49 million. Under the terms of the buyout
transaction, Comverge shareholders will receive $1.75 for each
share of Comverge common stock held. However, according to Yahoo!
Finance, the median analyst price target is $2.50 per share, with
at least one analyst setting a high target of $8.65.
If you currently own shares of Comverge and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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