Robbins Umeda LLP is Investigating Emergent Group Inc. Acquisition for Shareholders
February 07 2011 - 6:09PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
investigating possible breaches of fiduciary duty and other
violations of state law by members of the board of directors of
Emergent Group Inc. (AMEX: LZR) in connection with their efforts to
sell the company to Universal Hospital Services, Inc. The
investigation seeks to determine whether Emergent's board of
directors undertook a fair process to obtain maximum value for its
shareholders.
On February 7, 2011, Emergent and Universal Hospital Services
announced the definitive merger agreement under which Universal
Hospital Services will acquire Emergent in a tender offer
transaction valued at $58.37 million. Under the terms of the
current agreement, Emergent shareholders will receive $8.46 in cash
for each share of Emergent common stock. Emergent executives and
directors, holding in the aggregate approximately 47% of the
Company's outstanding shares, entered into a tender and voting
agreement pursuant to which the executives and directors agree to
tender all their shares in the offer and will vote all shares in
approval of the merger. Notably, this announcement comes after
Emergent had a successful third quarter in 2010, reporting revenues
of over $7.5 million, up 4.8% from the previous quarter.
If you own stock in Emergent and would like more information
about your rights as a shareholder, please contact attorney Gregory
E. Del Gaizo at 800-350-6003 or by e-mail at
info@robbinsumeda.com.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. For more information, please go to
http://www.robbinsumeda.com.
Attorney Advertising. Past results do not guarantee a similar
outcome. We welcome you to contact us today to discuss your
case.
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