Rigrodsky & Long, P.A. Continues Its Investigation of Rural/Metro Corporation’s Sale to Warburg Pincus for Shareholders
April 20 2011 - 5:47PM
Business Wire
Rigrodsky & Long, P.A. announces that it is continuing its
investigation of potential claims against the board of directors of
Rural/Metro Corporation (“Rural/Metro” or the “Company”) (Nasdaq:
RURL) concerning possible breaches of fiduciary duty and other
violations of law related to the Company’s entry into an agreement
to be acquired and taken private by Warburg Pincus in a transaction
valued at approximately $438.2 million. Click here to learn how to
join the action:
http://www.rigrodskylong.com/news/RuralMetroCorp-RURL.
Under the proposed agreement, Rural/Metro shareholders will
receive $17.25 in cash for each share of Rural/Metro common stock
they own.
The investigation concerns whether Rural/Metro’s board of
directors failed to adequately shop the Company and obtain the best
price possible for Rural/Metro’s shareholders before entering into
the agreement with Warburg Pincus. Indeed, according to Yahoo!
Finance, at least one analyst has set a price target of $18.00 per
share for Rural/Metro stock.
As recent as February 9, 2011, the Rural/Metro announced its
fiscal second quarter 2011 financial results wherein Company
President and CEO, Michael P. DiMino, commented: “Second-quarter
activities reflect the continued strength of our growth initiatives
and retention strategies as we effectively compete for market
share. Our successes included a significant 911 contract win in
Santa Clara County, California; the retention of key 911 and
non-emergency contracts in central Florida; the acquisition of a
new ambulance service in Colorado; and entry into new general
transport markets.”
If you own the common stock of Rural/Metro and purchased your
shares before March 28, 2011, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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