Levi & Korsinsky is investigating the Board of Directors of AMICAS, Inc. (“AMICAS” or the “Company”) (NasdaqGM: AMCS) for possible breaches of fiduciary duty
New York, NY, December 31, 2009 — Levi & Korsinsky is investigating the Board of Directors of AMICAS, Inc. (“AMICAS” or the “Company”) (NasdaqGM: AMCS) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Thomas Bravo LLC. Under the terms of the transaction, AMICAS shareholders will receive $5.35 in cash for each AMICAS share of common stock they own for a total transaction value of approximately $217 million.
For the quarter ending September 30, 2009, AMICAS reported gross profit of $13.154 million and net income of $1.676 million as compared to gross profit and a net loss of $10.345 million and $6.585 million, respectively, for the prior quarter. The investigation concerns whether the AMICAS Board of Directors breached their fiduciary duties to AMICAS stockholders by failing to adequately shop the Company before entering into this transaction and whether Thomas Bravo is underpaying for AMICAS shares, thus unlawfully harming AMICAS stockholders. The offer price is only a small premium over the $4.84 price the Company’s shares traded at as recently as December 8, 2009 and below a $6.00 per share price target set by at least one analyst.
If you own common stock in AMICAS and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/amcs1.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:
Joseph Levi
Levi & Korsinsky, LLP
New York, NY
212-363-7500
[email protected]
