TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Mediacom Communications Corporation Investors File Lawsuit Against Takeover

  • If you currently hold shares of Mediacom Communications Corporation (NASDAQ:MCCC), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Mediacom Communications Corporation
Security
NASDAQ: MCCC

Case Name
Mediacom Communications Deal Case 06/02/2010
Type of Lawsuit
Mergers and Acquisition
You must register or login to receive notifications.

Click here to subscribe to Mediacom Communications Corporation.
Summary

A Mediacom Communications investor filed a lawsuit in Delaware State Court on behalf of current investors in Mediacom Communications Corporation (NASDAQ:MCCC) alleging breaches of fiduciary duty by the board of directors for selling Mediacom too cheap to its founder, Chairman and Chief Executive Officer, Rocco B. Commisso.

Mediacom Communications Corporation, located in Middletown, New York, is a cable company based on the number of customers who purchase one or more video services, also known as basic subscribers. Mediacom Communications Corp reported in 2007 Total Revenue of $1.29338billion, in 2008 $1.40189billion, and in 2009 $1.46036billion.

On Tuesday, June 01, 2010, Mediacom Communications Corporation (MCCC) announced today its Board of Directors received on May 31, 2010, a non-binding proposal from Mediacom’s founder, Chairman and Chief Executive Officer, Rocco B. Commisso, for a going private transaction. The proposed acquisition of all of the Class A and Class B shares of Mediacom common stock not already beneficially owned by Mr. Commisso would be acquired at a price of $6.00 per share in cash. Mr. Commisso owns approximately 40% of the Mediacom Communications Corp’s common stock representing about 87% of the voting power. According to the complaint the plaintiff alleges breaches of fiduciary duty by the Board of Directors of Mediacom Communications Corp. arising out of their attempt to sell Mediacom Communications Corp. (MCCC) to Mediacom’s founder, Chairman and Chief Executive Officer, Rocco B. Commisso in a going private transaction at “a discount to the trading price” of Mediacom’s securities as recently as April 30, 2010.

Shares of Mediacom Communications Corp (MCCC) traded after the announcement at $6.20 per share, and at $5.42 the trading day before the news. MCCC stock is down from its 52weekHigh of $7.30 per share, $8.40 per share in 2008, and over $10 per share in 2007. The plaintiff alleges that the offer by Mr. Commisso is “unfair and inadequate“ and represents an attempt by Mediacom’s controlling shareholder “to deprive the public shareholders of their fair proportionate share of Mediacom’s true value”.