The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Sun Healthcare Group, Inc. (NASDAQ: SUNH) (“Sun”) and other violations of state law by the board of directors of Sun relating to the proposed acquisition of the company by Genesis HealthCare (“Genesis”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On June 20, 2012, Sun announced that it had entered into a definitive agreement providing for Genesis to acquire Sun for $275 million. Under the terms of the merger agreement, Sun shareholders will receive $8.50 for each share of Sun common stock held. According to Bloomberg, the EBITDA, EBIT and revenue multiples for the proposed transaction are lower than the median multiples for comparable transactions. If you currently own shares of Sun 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 firstname.lastname@example.org, 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.
Sun Healthcare Group (Nasdaq:SUNH) hit a new 52-week low Monday as it is currently trading at $2.65, below its previous 52-week low of $2.67 with 9,047 shares traded as of 9:31 a.m. ET. Average volume has been 1.3 million shares over the past 30 days.