NEW YORK, June 29, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of American Independence Corp. ("AMIC" or the "Company") in connection with the proposed acquisition of the Company by Independence Holding Company ("IHC"). On June 27, 2016, the Company announced it had reached a definitive agreement for IHC to acquire all outstanding shares of AMIC. Under the terms of the agreement, AMIC shareholders will receive $24.74 in cash for each AMIC share they own.
WeissLaw is investigating whether AMIC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, AMIC shares traded for $25.98 as recently as three days prior to the announcement of the acquisition. Additionally, the Company recently announced positive financial results. On June 6, 2016, it reported revenues of $47.4 million in the three-month period ended December 31, 2015, representing an increase of approximately 17% year-over-year when compared to the $40.6 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether AMIC's Board acted in the best interests of AMIC's public shareholders to maximize shareholder value prior to entering into the agreement. If you own AMIC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP