SAN DIEGO, Sept. 22, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of WCI Communities, Inc. (NYSE: WCIC) breached their fiduciary duties in connection with the proposed sale of the Company to Lennar Corporation (NYSE: LEN). WCI operates as a lifestyle community developer and luxury homebuilder in Florida.
On September 22, 2016, WCI announced it had signed a definitive merger agreement with Lennar. Under terms of the deal, Lennar will pay $23.50 in cash and stock for each WCI share. WCI shareholders will be subject to the future volatility and price fluctuation of Lennar's stock.
The investigation concerns whether the WCI board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for WCI shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration. The 52-week high for WCI stock is $25.00.
If you are a shareholder of WCI and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
SOURCE Johnson & Weaver, LLP