Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Emergent Group Inc. (“Emergent” or the “Company”) (NYSE Amex: LZR) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by Universal Hospital Services, Inc. (“UHS”) in a transaction with a total enterprise value of approximately $70 million (including the assumption of debt). Click here to learn how to join the action: http://www.rigrodskylong.com/news/EmergentGroupInc-LZR.
Under the proposed agreement, UHS will make a cash tender offer of $8.46 per share for all outstanding shares of Emergent after a “go-shop” period of 21 days. According to the press release announcing the deal, assuming that UHS acquires at least 65% of the outstanding shares on a fully diluted basis, UHS intends to promptly take appropriate action to merge Emergent into a wholly-owned UHS subsidiary and pay all-non-tendering holders of Emergent the same consideration per share as paid in the tender offer.
The investigation concerns whether Emergent’s board of directors failed are adequately shopping the Company and working to obtain the best price possible for Emergent’s shareholders before entering into the agreement with UHS. Moreover, the directors and executive officers of Emergent, holding in the aggregate approximately 47% of the Company’s outstanding shares, have agreed to tender their shares in the tender offer unless it is terminated as a result of a superior proposal.
If you own the common stock of Emergent and purchased your shares before February 7, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to email@example.com.Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.