Securities Fraud Lawyer - In Re Amicas Shareholder Litigation
Shapiro Haber & Urmy LLP served as local counsel for the Plaintiffs and the Class in this matter, which asserted breach of fiduciary duty and failure to disclose material information in the proxy statement for a proposed acquisition of Amicas Inc by Thoma Bravo, LLC. Plaintiffs were successful in obtaining a preliminary injunction that enjoined Amicas from holding a shareholder meeting on February 19, 2010 to vote on whether to approve the acquisition of Amicas by Thoma Bravo at a price of $5.35 per share. Following entry of the injunction and further disclosures by Amicas to shareholder as had been sought by Plaintiffs, Amicas abandoned the merger agreement with Thoma Bravo in favor of a $6.05 per share merger with Merge Healthcare, Inc. The deal between Amicas and Merge was approved by more than 90% of the Amicas shareholders on April 23, 2010, and closed on April 28, 2010. As a result of Plaintiffs’ and their counsel’s efforts, Amicas shareholders received an additional $26 million for their shares compared to what the shareholders would have received in Amicas’s initial proposed acquisition by Thoma Bravo. The case is In re Amicas Shareholder Litig., C.A. Nos. 10-0174-BLS2, 10-0412-BLS2 (Mass. Super. Ct.).