DALLAS--(BUSINESS WIRE)--The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of FPIC Insurance Group, Inc. (“FPIC Insurance” or “FPIC”) (NASDAQ: FPIC) related to the buyout of FPIC Insurance by The Doctors Company.
The definitive acquisition agreement, which was announced on May 24, 2011, involves an all-cash transaction valued at approximately $362 million. Under the proposed merger, FPIC Insurance shareholders will receive $42.00 in cash for each share of FPIC Insurance/FPIC common stock they hold. The transaction is expected to close in the fourth quarter of 2011.
The firms are investigating the fairness of the proposed transaction to FPIC Insurance shareholders and whether FPIC Insurance’s Board of Directors acted in the shareholders’ best interests. In particular, although the acquisition price represents a premium over FPIC Insurance’s closing price the day before the announcement, FPIC Insurance/FPIC shares closed well above $39.00 per share as recently as April 2011. Based on this, and other factors, the firms are investigating whether the transaction provides the optimum value to FPIC Insurance shareholders. “We are also investigating whether FPIC Insurance’ Board of Directors adequately considered all viable alternatives before entering into the agreement,” said shareholder rights attorney Willie Briscoe.
If you currently own shares of FPIC Insurance/FPIC and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.