The Law Office of Vincent Wong Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Health Grades Inc...
July 29 2010 - 4:22PM
Business Wire
The Law Office of Vincent Wong is investigating the Board of
Directors of Health Grades Inc. (NasdaqGS: HGRD) for possible
breaches of fiduciary duty and other violations of state law in
connection with their attempt to sell the Company to an affiliate
of Vestar Capital Partners V, L.P. (“Vestar”). Under the terms of the deal,
Health Grades shareholders will receive $8.20 in cash for each
Health Grades share of common stock they own for a total
transaction value of approximately $294 million.
The investigation concerns whether the Health Grades Board of
Directors breached their fiduciary duties to Health Grades
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Vestar is underpaying
for Health Grades shares, thus unlawfully harming Health Grades
stockholders. The offer price is only a small premium over the
$7.89 price the Company's shares traded at as recently as May 10,
2010 and the mean price target for Health Grades stock set by
analysts is $8.67 per share with at least one analyst setting a
price target at $9.00 per share.
If you own common stock in Health Grades and wish to obtain
additional information about this investigation and what is being
done to advance the shareholders’ interests, please contact Vincent
Wong, Esq. directly, via email at vw@wongesq.com, by telephone at
212.584.2740, or visit
http://www.wongesq.com/health-grades.html.
Vincent Wong, Esq. is an experienced attorney that has
represented investors in securities litigations involving financial
fraud and violations of shareholder rights.
Health Grades, Inc. (MM) (NASDAQ:HGRD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Health Grades, Inc. (MM) (NASDAQ:HGRD)
Historical Stock Chart
From Aug 2023 to Aug 2024
