The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Investors Capital Holdings, Ltd. (“ICH” or the “Company”) (NYSE MKT:ICH) and other violations of state law by the board of directors of ICH relating to the proposed acquisition of the Company by RCS Capital Corporation (“RCAP”). The firm’s investigation seeks to determine, among other things, whether the board of directors of ICH breached their fiduciary duties by failing to maximize shareholder value.
According to the press release announcing the proposed acquisition, RCAP will acquire ICH and its subsidiaries for a total consideration of approximately $52.5 million comprised of cash and RCAP stock. Under the terms of the transaction, holders of ICH common stock who elect to receive cash will receive $7.25 per share of ICH common stock. Holders of ICH common stock who elect to receive shares of RCAP’s Class A common stock will receive a number of such shares equal to the quotient of $7.25 divided by the volume weighted average trading price of a share of RCAP’s Class A common stock for the five consecutive trading days immediately preceding the closing of the transaction.
If you currently own common stock of ICH and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.