Levi & Korsinsky is investigating the Board of Directors of ADAM Inc. for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Ebix Inc.
New York, NY, August 31, 2010 — Levi & Korsinsky is investigating the Board of Directors of ADAM Inc. (NasdaqGM: ADAM) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Ebix Inc. (“Ebix”) (NasdaqGS: EBIX). Under the terms of the transaction, Cogent shareholders will receive 0.3122 shares of Ebix stock for each ADAM share of common stock they own. The exchange ratio of 0.3122 is based on a $19.06 agreed value of Ebix common stock for purposes of the merger agreement which implies a $5.95 value for A.D.A.M. shares and a transaction value of approximately $66 million. Upon the closing of the transaction, A.D.A.M. shareholders will own approximately 7 percent of the combined company.
The investigation concerns whether the A.D.A.M. Board of Directors breached their fiduciary duties to ADAM stockholders by failing to adequately shop the Company before entering into this transaction and whether Ebix is underpaying for ADAM shares, thus unlawfully harming A.D.A.M. stockholders.
If you own common stock in A.D.A.M. 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/adam.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]
