Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Presidential Life Corp. (“Presidential Life” or “PLFE”) (NasdaqGS: PLFE) to a subsidiary of Athene Holding, Ltd. for shareholders. Under the proposed transaction, Presidential Life shareholders will only receive $14.00 in cash for each share of Presidential Life/PLFE stock owned.
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 firstname.lastname@example.org, 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 transaction is valued at approximately $415 million and is expected to close in late 2012.
The investigation centers on whether Presidential Life shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Presidential Life stock, and whether Presidential Life’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. “Due to the lack of a significant premium to the shareholders and other factors, we believe that the transaction may undervalue PLFE stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.