Discontinuance Of Quarterly Cash Dividend And Share Repurchase Program By American Physicians Capital, Inc. Is Being Investigated By The Law Office Of Joseph Klein- ACAP
The Law Office of Joseph Klein is investigating the Board of Directors of American Physicians Capital Inc. (“AP Capital” or the “Company”) (NasdaqGS: ACAP) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to The Doctors Company ("Doctors Company"). Under the terms of the transaction, AP Capital shareholders will receive $41.50 in cash for each AP Capital share of common stock they own for a total transaction value of approximately $386 million. Importantly, the terms of the proposed transaction prohibit AP Capital from paying dividends or repurchasing its shares without the prior consent of Doctors Company, and AP Capital has declared that it does not intend to seek permission to pay any further cash dividends to its shareholders or to continue its share repurchase program.
The investigation focuses on whether the AP Capital Board of Directors breached their fiduciary duties to AP Capital stockholders by failing to adequately shop the Company before entering into this transaction and whether Doctors Company is underpaying for AP Capital shares, thus unlawfully harming AP Capital stockholders. The investigation further seeks to determine whether the Board’s discontinuance of AP Capital’s cash dividend and share repurchase program unlawfully harmed AP Capital’s shareholders.
If you own AP Capital shares and wish to obtain additional information about this investigation and what is being done to advance the shareholders’ interests, please contact Joseph Klein, Esq. directly, via email at email@example.com, by telephone at (718) 947-0005 or http://www.jkleinlawfirm.com/american-physicians.html
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation.
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