NEW YORK, Jan. 6, 2017 /PRNewswire/ -- Notice of Pendency of Class Action – To: All Class A shareholders of PHC, Inc. ("PHC") who abstained from voting or voted against the 2011 merger of PHC with Acadia Healthcare Company, Inc. ("Acadia") (the "Merger"), and held their shares immediately prior to and whose shares were converted to Acadia shares after the effective merger date (the "Class").
The United States District Court, District of Massachusetts has certified In re: PHC, Inc. Shareholder Litigation, C.A. No. 11-11049-PBS as a class action. A trial against certain former PHC directors, Acadia and Acadia Merger Sub, LLC (the "Defendants"), has been scheduled to begin on February 27, 2017.
This lawsuit alleges Defendants violated fiduciary duties owed to the Class by causing the Merger to be effected on unfair terms and pursuant to an unfair process. Plaintiff MAZ Partners LP, on behalf of the Class, seeks an award of damages, interest, costs and other relief, including additional Acadia shares. Plaintiff must prove any entitlement to, and the amount of, any damages awarded at trial. The Court appointed Wolf Popper LLP as Lead Counsel to represent the Class. You may retain your own counsel at your own expense.
If you want to stay in the Class and share in any potential recovery, you need not do anything now. You will be bound by the Court's determinations in this Action and will not be able to sue the Defendants for these legal claims in any other lawsuit. If you do not want to stay in the Class, you must exclude yourself. You will not share in any potential recovery or be bound by any decision in this lawsuit. However, you may be able to file/continue with your own lawsuit against the Defendants at your own expense. To exclude yourself, send a written request including your name, address, email address, telephone number and signature, and a statement indicating you request exclusion from the Class in In re: PHC, Inc. Shareholder Litigation postmarked no later than February 21, 2017 to:
CHET B. WALDMAN, ESQ.
Wolf Popper LLP
845 Third Avenue
New York, NY 10022
More information and a Notice may be obtained by writing to:
In re: PHC, Inc. Shareholder Litigation
c/o KCC Class Action Services
P.O. Box 43434
Providence, RI 02940-3434
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SOURCE Wolf Popper LLP