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Universal American Corporation (NYSE:UAM) Investor Lawsuit Against Acquisition Of WellCare Health Plans, Inc Filed

  • If you purchased a significant amount of shares of this company you have certain options and for certain investors are short and strict deadlines running. Investors should 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
Universal American Corporation
Security
NYSE: UAM

Case Name
Universal American Deal Case 01/31/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

January 31, 2017 (Shareholders Foundation) - An investor who currently holds shares of Universal American Corporation (NYSE:UAM), filed a lawsuit in effort to halt the proposed takeover of Universal American by WellCare Health Plans, Inc for $10.00 per share.
Investors who purchased shares of Universal American Corporation (NYSE:UAM) and currently hold any of those NYSE:UAM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:UAM stockholders by agreeing to sell niversal American Corporation too cheaply via an unfair process to WellCare Health Plans, Inc.

On Nov. 17, 2016, WellCare Health Plans, Inc. (NYSE: WCG) and Universal American Corporation (NYSE:UAM) announced that they have entered into an agreement under which WellCare will acquire Universal American Corporation (NYSE:UAM) in an all cash transaction valued at $10.00 per share of common stock.

However, plaintiff claims that the proposed consideration NYSE:UAM shareholders will receive is grossly inadequate and undervalues Universal American Corporation. In addition, the plaintiff alleges that the process is also unfair NYSE:UAM stockholders. The plaintiff claims that the proxy statement in connection with the WellCare Health Plans deal is incomplete and omits information on certain financial projections, potential conflicts of interest by the company’s top brass, and the background of the deal.