The law firm of Wohl & Fruchter LLP has commenced an investigation into the proposed merger between Acadia Healthcare Company, Inc. (“Acadia”) and PHC, Inc. d/b/a Pioneer Behavioral Health (“PHC”) (AMEX: PHC).

On May 24, 2011, PHC and Acadia announced a merger under which Acadia stockholders will own approximately 77.5% of the combined company, and PHC stockholders will own approximately 22.5% of the combined company.

According a press release issued by PHC, the transaction will be a stock for stock exchange except for, among other things, a payment of $5 million to Class B stockholders. According to PHC’s most recent 10-K, dated September 24, 2010, PHC CEO Bruce Shear and affiliated parties own and control 93.1% of the Class B Common Stock.

Wohl & Fruchter’s investigation concerns whether approval of the merger was improperly motivated by conflicts of interest created as a result of the special $5 million payment to insiders holding Class B Common Stock.

Additional information is available at http://www.wohlfruchter.com/cases/phc.

Persons with relevant information, and PHC shareholders with questions about this investigation, are invited to contact our Firm.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

This release may be deemed to constitute attorney advertising.

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