NEW YORK, Nov. 14, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Bluegreen Corporation ("Bluegreen" or the "Company") (NYSE: BXG) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to BFC Financial Corporation (OTC: BFCF.PK). Under the terms of the transaction, holders of Bluegreen's Common Stock (other than BFC) will be entitled to receive eight shares of BFC's Class A Common Stock for each share of Bluegreen's Common Stock they own. BFC currently owns approximately 52% of Bluegreen's Common Stock.
Click here to learn how to join the action: http://www.zlk.com/bluegreen-bxg, or call: 877-363-5972.
The investigation concerns whether the Bluegreen Board of Directors breached their fiduciary duties to Bluegreen stockholders by failing to adequately shop the Company before entering into this transaction and whether BFC Financial is underpaying for Bluegreen shares, thus unlawfully harming Bluegreen stockholders. Based upon the most recent closing price of BFC Financial Corporation, Bluegreen shareholders would receive approximately $4.56 for each share of Bluegreen stock they own, despite the fact that Bluegreen reported a book value of $8.34 per share, for the most recent quarter.
If you own common stock in Bluegreen 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, toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. 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 - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP