NEW YORK, July 29, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of StanCorp Financial Group ("SFG" or the "Company") by Meiji Yasuda Life Insurance Company ("Meiji Yasuda") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of SFG for agreeing to sell the Company to Meiji Yasuda. On July 23, 2015, the Company announced it had reached a definitive agreement for Meiji Yasuda to acquire SFG in a transaction valued at approximately $5 billion. Under the terms of the agreement, SFG shareholders will receive $115 in cash for each SFG share they own.
WeissLaw is investigating whether SFG's Board acted to maximize shareholder value prior to entering into the agreement. Notably, on July 23, 2015, the Company announced positive financial results. It reported net income of $64.3 million in the second quarter of 2015, as compared to $40.8 million in the same period of the previous year, representing an increase of approximately 58% year-over year.
Given these facts, WeissLaw is investigating whether SFG's Board acted in the best interests of SFG's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Meiji Yasuda. If you own SFG 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 or Kelly Keenan 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/contact/report_fraud/.
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SOURCE WeissLaw LLP