Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of American Physicians Capital, Inc. ("APCapital" or the "Company") (NASDAQ: ACAP) in connection with their efforts to sell APCapital to The Doctors Company. If the transaction is completed, APCapital shareholders will receive $41.50 in cash for each share of APCapital stock they hold. The transaction is expected to close during the fourth quarter of 2010.
APCapital recently reported first quarter 2010 operating earnings per share of $0.88, significantly beating the Wall Street's consensus estimate of $0.82. Additionally, executives at the Company have recently stated that they believe the Company's shares are undervalued, causing APCapital to actively repurchase its own stock. The Company has purchased approximately 400,000 shares in the previous quarter. Despite the Company's exceptional results and admitting that APCapital's stock was undervalued, the Company's fiduciaries still decided to sell APCapital at this time. Robbins Umeda LLP's investigation concerns whether the Board of Directors of APCapital undertook a fair process to obtain fair consideration for all shareholders of APCapital.
If you are a shareholder of APCapital, plan to continue to hold your shares, 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 firstname.lastname@example.org.
Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.Advertisement