|By PR Newswire||
|February 26, 2013 09:00 PM EST||
BALA CYNWYD, Pa., Feb. 26, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Assisted Living Concepts, Inc. ("Assisted Living " or the "Company") (NYSE- ALC-News) relating to the proposed acquisition by private investment firm TPG ("TPG").
Under the terms of the transaction, Assisted Living shareholders will receive only $12.00 in cash for each share of Class A Assisted Living stock they own and $12.90 in cash for each share of Class B Assisted Living stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Assisted Living for not acting in the Company's shareholders' best interests in connection with the sale process to TPG. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Assisted Living stock traded at $14.05 as recently as August 2, 2012 and $19.17 on May 3, 2012.
If you own shares of Assisted Living stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [email protected] visiting http://brodsky-smith.com/547-alc-assisted-living-concepts-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC