SHAREHOLDER ALERT: Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Coventry Health Care, Inc. in Connection with the Sale of the Company to Aetna
NEW YORK, Aug. 22, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Coventry Health Care, Inc. ("Coventry" or the "Company") (NYSE: CVH) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Aetna (NYSE: AET).
Under the terms of the transaction, Coventry shareholders will receive $27.30 in cash and 0.3885 Aetna common shares for each Coventry share they own which represents a value of approximately $42.08 per share. The transaction has a total approximate value of $7.3 billion, including the assumption of debt. The investigation concerns whether the Coventry Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Aetna is underpaying for Coventry shares, thus unlawfully harming Coventry stockholders.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171