EMC Insurance (NASDAQ:EMCI)
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1 Year : From Jan 2019 to Jan 2020
NEW YORK, May 15, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of EMC Insurance Group Inc. ("EMCI" or the "Company") (NASDAQ: EMCI) in connection with the proposed merger of the Company with Employers Mutual Casualty Company ("EMCC"). Under the terms of the merger agreement, EMCC would acquire all of the shares of EMCI it does not already own and take the Company private. Shareholders will receive a paltry $36.00 per share, a fire sale price for a company whose financial outlook has been steadily improving as evidenced by EMCI's recent first-quarter net income of $33.5 million, compared with a net loss of $76,000 for the first quarter of 2018.
If you own EMCI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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WeissLaw is investigating whether EMCI's Board acted to maximize shareholder value prior to entering into the merger agreement. Notably, the merger agreement bars the solicitation of competing bids and imposes a penalty if EMCI accepts a better offer.
Despite EMCC's belief that the merger will "drive enhanced value for our organization and our policyholders," WeissLaw is investigating whether EMCI's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed. In light of the above, WeissLaw is concerned with EMCC's focus on "solely serving the best interests of policyholders," at the expense of EMCI shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP