NEW YORK, Aug. 2, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of PharMerica Corp. (NYSE: PMC) ("PMC" or the "Company") in connection with the proposed acquisition of the Company by an affiliate of KKR & Co. LP (the "Affiliate"). On August 2, 2017, the Company announced a definitive agreement for the Affiliate to acquire all outstanding shares of PMC in a transaction valued at approximately $1.4 billion, inclusive of debt. Under the terms of the agreement, the Company's shareholders will receive $29.25 in cash for each PMC share they own.
WeissLaw is investigating whether PMC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $31.00 per share. Additionally, on the same day of the acquisition announcement, PMC also announced positive financial results for the second quarter of 2017. It reported a 13.9% year-over-year increase in revenue to $592.0 million, a 9.5% year-over-year increase in gross profits to $89.6 million, and a remarkable 87.5% annual increase in diluted earnings per common share.
Given these facts, WeissLaw is investigating whether PMC's Board acted in the best interests of its public shareholders to maximize shareholder value prior to entering into the agreement. If you own PMC 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/pharmerica-corp/
SOURCE WeissLaw LLP