The Law Office of Jonathan M. Stein, P.L. is investigating the Board of
Directors of Continucare Corporation ("Continucare" or the "Company")
(NYSE: CNU) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to complete a sale of the
Company to Metropolitan Health Networks, Inc. Under the terms of the
proposed transaction, Continucare shareholders are to receive $6.25 per
share in cash, and 0.0414 of a share of Metropolitan common stock for
each share of Continucare they own, for a total transaction value of
about $416 million or $6.45 per share. Phillip Frost, M.D., a director
of the Company, and other shareholders affiliated with Dr. Frost, who
collectively own approximately 43% percent of Continucare stock, have
agreed to vote their shares in favor of the merger. A vote of only a
majority of Continucare’s outstanding common stock will be required to
approve the merger agreement.
The investigation involves whether the Board of Directors of Continucare
breached their fiduciary duties to Continucare stockholders by failing
to adequately shop the Company before agreeing to enter into the
transaction and whether Continucare has disclosed all material
information to shareholders about the proposed transaction.
If you own stock in Continucare and wish to obtain additional
information about your rights, or if you have information regarding the
above investigation, please contact Jonathan M. Stein, Esq. either via
email at jstein@jonathansteinlaw.com
or by telephone at (561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents shareholders and
consumers in complex litigation, including class action and derivative
litigation. More information about the firm is available through its
website, www.jonathansteinlaw.com,
and upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
|
Jonathan M. Stein, Esq.
|
|
Law Office of Jonathan M. Stein, P.L.
|
|
120 E. Palmetto Park Rd., Suite 420
|
|
Boca Raton, FL 33432
|
|
(561) 961-2244
|
|
jstein@jonathansteinlaw.com
|
|
www.jonathansteinlaw.com
|
