Briscoe Law Firm Investigates FPIC Insurance Group, Inc. for Shareholders Concerning Acquisition by The Doctors Company
24 Maggio 2011 - 5:47PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of FPIC Insurance Group, Inc. (“FPIC
Insurance” or “FPIC”) (NASDAQ: FPIC) related to the buyout of FPIC
Insurance by The Doctors Company.
The definitive acquisition agreement, which was announced on May
24, 2011, involves an all-cash transaction valued at approximately
$362 million. Under the proposed merger, FPIC Insurance
shareholders will receive $42.00 in cash for each share of FPIC
Insurance/FPIC common stock they hold. The transaction is expected
to close in the fourth quarter of 2011.
The firms are investigating the fairness of the proposed
transaction to FPIC Insurance shareholders and whether FPIC
Insurance’s Board of Directors acted in the shareholders’ best
interests. In particular, although the acquisition price represents
a premium over FPIC Insurance’s closing price the day before the
announcement, FPIC Insurance/FPIC shares closed well above $39.00
per share as recently as April 2011. Based on this, and other
factors, the firms are investigating whether the transaction
provides the optimum value to FPIC Insurance shareholders. “We are
also investigating whether FPIC Insurance’ Board of Directors
adequately considered all viable alternatives before entering into
the agreement,” said shareholder rights attorney Willie
Briscoe.
If you currently own shares of FPIC Insurance/FPIC and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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