Wolf Popper LLP Files Class Action on Behalf of Shareholders of Lodgian Inc.
February 03 2010 - 8:00AM
PR Newswire (US)
NEW YORK, Feb. 3 /PRNewswire/ -- On January 29, 2010, Wolf Popper
LLP filed a class action lawsuit on behalf of United Capital Corp.
and other public shareholders of Lodgian Inc. ("Lodgian" or the
"Company") (AMEX:LGN), in the Delaware Court of Chancery. United
Capital Corp. owns approximately 9.9% of the outstanding common
shares of Lodgian. The lawsuit seeks injunctive and other
appropriate relief relating to the proposed acquisition of
Lodgian's public shares pursuant to a merger whereunder an
affiliate of Lone Star Funds is seeking to acquire Lodgian (the
"Merger Agreement") for $2.50 per share. The lawsuit alleges, among
other things, that Lodgian's Board of Directors failed to conduct
an auction or an adequate market check before entering into the
Merger Agreement which contains provisions that act to discourage a
potential superior proposal by another acquiror. The Complaint also
contends that the $2.50 per share price is unfair and inadequate.
If you have any information concerning this action, please contact
attorneys Chet B. Waldman or James Kelly-Kowlowitz. Contact
information: Chet B. Waldman, Esq. or James Kelly-Kowlowitz, Esq.
Wolf Popper LLP 845 Third Avenue New York, NY 10022 Tel.:
212.759.4600 or 877.370.7703 (toll free) Fax: 212.486.2093 or
877.370.7704 (toll free) Email: website: http://www.wolfpopper.com/
DATASOURCE: Wolf Popper LLP CONTACT: Chet B. Waldman, Esq. or James
Kelly-Kowlowitz, Esq., Wolf Popper LLP, +1-212-759-4600 or
877.370.7703 (toll free), Web Site: http://www.wolfpopper.com/
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