Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the Board of Directors of Coventry Health Care, Inc. (“Coventry” or the “Company”) (NYSE: CVH) related to the proposed acquisition of the Company by Aetna Inc. The cash and stock transaction is valued at approximately $5.7 billion, and under the terms of the deal Coventry shareholders will receive $27.30 in cash and 0.3885 common shares of Aetna for each share of Coventry owned. This investigation concerns whether the Board of Directors of Coventry breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $26.85 on October 3, 2011 to $34.71 on August 16, 2012. Further, at least one analyst has set a target price for the Company’s stock at $40.00. If you are a shareholder of Coventry, if you have information or would like to learn more about our investigation, 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 Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to email@example.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Coventry Health Care (NYSE:CVH) hit a new 52-week high Monday as it is currently trading at $50.34, above its previous 52-week high of $50.24 with 62,304 shares traded as of 10:06 a.m. ET. Average volume has been one million shares over the past 30 days.
Coventry Health Care (NYSE:CVH) hit a new 52-week high Thursday as it is currently trading at $49.42, above its previous 52-week high of $49.40 with 7,164 shares traded as of 9:31 a.m. ET. Average volume has been 1.1 million shares over the past 30 days.