Comverge Shareholder Alert: The Briscoe Law Firm And Powers Taylor, LLP Investigate The Board Of Comverge, Inc. Concerning The Sale Of The Company To H.I.G. Capital
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Comverge, Inc. (Nasdaq: COMV) to H.I.G. Capital for shareholders. Under the proposed buyout, Comverge shareholders will receive $1.75 for each share of Comverge stocked owned, which is far less than Comverge’s 52-week trading high of $5.09 per share and approximately 7% below Comverge’s closing price the day prior to the buyout announcement.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction with a total equity value of approximately $49 million. The deal is expected to commence with a tender offer within 10 to 20 days following the announcement of the deal.
The investigation centers on whether Comverge shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Comverge stock, and whether Comverge’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. As recently as April 1, 2011, Comverge stock closed at $5.06 per share, which is nearly 350% higher than the current price being offered to shareholders. In addition, according to Yahoo! Finance, at least one analyst has stated that the true inherent value of Comverge may be as high as $8.65 per share. In fact, on March 23, 2012, the day before the announcement, the shares closed at $1.88, which is 7% higher than the proposed sale price. According to shareholder rights attorney Willie Briscoe, “Based on the lack of a significant premium to Comverge shareholders and the fact that the sale price is well below the median target price set by analysts, the firms believe that the buyout price may not be fair to Comverge shareholders. Our proposed shareholder lawsuit seeks to obtain additional value for shareholders than what is proposed in the current buyout offer."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV