Cases
WCI Communities, Inc. (NYSE: WCIC)
Merger
Overview
Overview
- Date:
- 12/1/2016
- Company Name:
- WCI Communities, Inc.
- Stock Symbol:
- WCIC
- Company Name - Buyer:
- Lennar Corporation
- Class Period:
- FROM 11/23/2016
- Status:
- Closed/Complete
- Merger Announcement Date:
- 9/22/2016
- Court:
- U.S. District Court: Middle District of Florida
NEW YORK, December 1, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Florida Middle District Court on behalf of all persons or entities who held WCI Communities, Inc. (NYSE: WCIC) securities on November 23, 2016 (the “Class Period”).
On Sept. 22, 2016, WCI Communities Inc announced the signing of a merger agreement under which Lennar Corporation has agreed to acquire all of the outstanding shares of WCI Communities Inc common stock in a cash and stock transaction valued at $23.50 per share.
However, the plaintiff claims that the proposed consideration is grossly inadequate and undervalues WCI Communities Inc. The plaintiff alleges that key information was left out of documents filed with U.S. Securities and Exchange Commission regarding the deal. In addition, the plaintiff claims that the process is also unfair to WCI stockholders. The plaintiff says that the defendants agreed to preclusive deal protection devices, such as limited and inadequate post-signing go-shop period, a matching rights, and a $22.5 million termination fee that deter other bidders from making a superior offer.
If you held WCI securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On Sept. 22, 2016, WCI Communities Inc announced the signing of a merger agreement under which Lennar Corporation has agreed to acquire all of the outstanding shares of WCI Communities Inc common stock in a cash and stock transaction valued at $23.50 per share.
However, the plaintiff claims that the proposed consideration is grossly inadequate and undervalues WCI Communities Inc. The plaintiff alleges that key information was left out of documents filed with U.S. Securities and Exchange Commission regarding the deal. In addition, the plaintiff claims that the process is also unfair to WCI stockholders. The plaintiff says that the defendants agreed to preclusive deal protection devices, such as limited and inadequate post-signing go-shop period, a matching rights, and a $22.5 million termination fee that deter other bidders from making a superior offer.
If you held WCI securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.