Levi & Korsinsky is investigating the Board of Directors of ResCare, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with proposal from Onex Corporation.
New York, NY, August 18, 2010 — Levi & Korsinsky is investigating the Board of Directors of ResCare, Inc. (“ResCare” or the “Company”) (NasdaqGM: RSCR) for possible breaches of fiduciary duty and other violations of state law in connection with proposal from Onex Corporation to acquire all of the outstanding shares of ResCare common stock not owned by affiliates of Onex for $12.60 per share. Affiliates of Onex, the Toronto-based investment firm, currently hold common stock and preferred stock of ResCare representing 24.9% of the voting power of ResCare stock. The preferred stock held by Onex votes on an as-converted basis with common stock.
The investigation concerns whether the offer is grossly unfair, inadequate, and substantially below the fair or inherent value of ResCare. Analysts have projected a price target for the Company’s stock of $14 per share. The investigation further concerns whether Onex as well as the directors of ResCare may have breached their fiduciary duties by not acting in ResCare shareholders’ best interests in connection with a possible sale process of ResCare.
If you own common stock in ResCare and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500 or visit http://www.zlk.com/rescare-rscr.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
