Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Colonial Properties Trust In Connection With The Sale Of The Company To Mid-America Apartment Communities Inc.
NEW YORK, June 5, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Colonial Properties Trust ("Colonial" or the "Company") (NYSE: CLP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Mid-America Apartment Communities Inc. ("Mid-America") (NYSE: MAA). (Logo: http://photos.prnewswire.com/prnh/20120409/MM84375LOGO ) Click here to learn more about the investigation http://zlk.9nl.com/colonial-properties-trust-clp/, or call: 877-363-5972. There is no cost or obligation to you. Under the terms of the transaction, Colonial shareholders will receive 0.36 of a Mid-America share for each share of Colonial they own, representing a value of approximately $24.47 per share. The investigation concerns whether the Colonial Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Mid-America is underpaying for Colonial, thus unlawfully harming Colonial shareholders. In particular, at least one analyst set a price target for Colonial stock at $26.00 per share. If you own common stock in Colonial and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/colonial-properties-trust-clp/. Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP