Law Office of Jonathan M. Stein, P.L., Investigates Possible Breach of Fiduciary Duty by the Board of Emergency Medical Servi...
15 February 2011 - 12:54AM
Business Wire
The Law Office of Jonathan M. Stein, P.L. is investigating the
Board of Directors of Emergency Medical Services Corporation
("EMSC" or the "Company") (NYSE: EMS) for possible breaches of
fiduciary duty and other violations of state law in connection with
their attempt to complete a sale of the Company to Clayton,
Dubilier & Rice, LLC. Under the terms of the proposed
transaction, EMSC shareholders are to receive $64.00 in cash for
each share of EMSC Class A common stock and Class B common stock
and each LP Exchangeable Unit. Onex Corporation and its affiliates,
the holders of the Company’s LP Exchangeable Units, have sufficient
voting power to approve the merger, and have agreed to vote in
favor of adoption of the merger agreement.
The investigation involves whether the Board of Directors of
EMSC breached their fiduciary duties to EMSC stockholders by
failing to adequately shop the Company before agreeing to enter
into the transaction and whether EMSC has disclosed all material
information to shareholders about the proposed transaction.
Specifically, the offer price is a 9% discount to EMSC’s closing
price on February 11, 2011. Further, according to Yahoo Finance,
analysts have set an average target price for EMSC at over $68.00
per share, and one analyst has set a $76.00 target price per
share.
If you own stock in EMSC and wish to obtain additional
information about your rights, or if you have information regarding
the above investigation, please contact Jonathan M. Stein, Esq.
either via email at jstein@jonathansteinlaw.com or by telephone at
(561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents
shareholders and consumers in complex litigation, including class
action and derivative litigation. More information about the firm
is available through its website, www.jonathansteinlaw.com, and
upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
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