METALICO SHAREHOLDER ALERT: Johnson & Weaver, LLP Launches an Investigation into the Proposed Sale of Metalico, Inc. & Encour...
June 16 2015 - 9:39AM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP has
launched an investigation into whether the board members of
Metalico, Inc. (NYSE: MEA) breached their fiduciary duties in
connection with the proposed sale of the Company to Total Merchant
Limited.
Additional Information:
Metalico engages in scrap metal recycling business. The company
collects and processes ferrous and non-ferrous metals; and collects
and processes industrial and obsolete scrap metal into reusable
forms, and supplies recycled metals to consumers, including
electric arc furnace mills, integrated steel mills, foundries,
secondary smelters, aluminum recyclers, and metal brokers.
On June 16, 2015, Metalico announced it had signed a definitive
merger agreement with Total Merchant. Under the terms of the
agreement, Total Merchant will acquire all outstanding shares of
Metalico for $0.60 per share.
The investigation concerns whether Metalico’s board failed to
satisfy their duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Metalico’s
shares of common stock. One Wall Street analyst has a $1.00
price target on Metalico stock which is more than the $.60 offer
price. Last year the stock traded as high as $1.67.
If you are a shareholder of Metalico and believe the proposed
buyout price is too low or you’re interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker (jimb@johnsonandweaver.com) at
619-814-4471. If emailing, please include a phone number where you
can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150616006093/en/
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com