An investigation on behalf of current investors American Community Properties Trust (Public, AMEX:APO), who purchased the shares before September 14, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were announced.

The investigation by a law firm focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of American Community Properties Trust arising out of their attempt to sell American Community Properties Trust (Public, AMEX:APO) to FCP Fund I, L.P. On September 25, 2009, American Community Properties Trust (NYSE Amex: APO) and FCP Fund I, L.P., announced that they have entered into an agreement and plan of merger whereby FCP Fund I, L.P. will acquire 100% of the outstanding common shares of American Community Properties Trust for a price of $7.75 per share, for aggregate consideration of approximately $43.6 million.

According to American Community Properties Trust members of the Wilson family collectively own approximately 50.68% of the outstanding voting shares of the Company. According to American Community Properties Trust the per share price represents a 17% premium to American Community Properties Trust s closing price on September 14, 2009, the last trading day before American Community Properties Trust announced that it was considering various strategic alternatives, including a possible sale of the Company.

But according to an investigation by a law firm the transaction appears to be unfair to current investors of American Community Properties Trust (Public, AMEX:APO) because the offer to purchase American Community Properties Trust (AMEX:APO) at $7.75 per share appears opportunistically timed to take advantage of the current economic downturn and the offer represents no premium to the minority shareholders. Shares of American Community Properties Trust (AMEX:APO) traded at $8.48 per share after the announcement and at over $8.70 per share before the announcement. The investigation concerns whether the consideration to be paid to APO shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of APO and whether the directors of APO, including any special committee members, may have breached their fiduciary duties by not acting in APO shareholders' best interests in connection with the sale process of APO. Another investigation even calls the offer suspicious because it appears from a review of the Company's financial statements that the inherent value of the Company's stock is greater than $7.75 per share, because the stock was selling for more than $7.75 at the time the deal was announced and also because the stock price has been over $10 in the previous year.

American Community Properties Trust, St. Charles, MD, is a self-managed holding company that is primarily engaged in the business of investing in and managing multifamily rental properties, as well as community development and homebuilding. ACPTs operations are primarily concentrated in the Washington, D.C. metropolitan area and Puerto Rico and are carried out through its United States subsidiaries. American Community Properties Trust reported in 2007 Total Revenue of $85.38million and in 2008 Total Revenue of $82.91million. American Community Properties Trust shares (AMEX:APO) were down from its 52weekHigh of $8.67 per share, $19 per share in 2008, and $27 per share in 2007.