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The Law Office of Joseph Klein is Investigating Possible Breaches of Fiduciary Duty by the Board of Emergent Group Inc. in Conn

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^{Published in Health and Fitness on Tuesday, February 8th 2011 at 21:20 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--The Law Office of Joseph Klein is investigating the Board of Directors of Emergent Group Inc. (AMEX: LZR) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Universal Hospital Services, Inc. (NYSE: UHS). Under the terms of the transaction, Emergent Group shareholders will receive $8.46 in cash per outstanding share of Emergent Group stock they own. The transaction has a total value of $70 million, including the assumption of debt.

The investigation concerns whether the Emergent Group Board of Directors breached their fiduciary duties to Emergent Group stockholders by failing to adequately shop the Company before entering into this transaction and whether Universal Hospital Services is underpaying for Emergent Group shares, thus unlawfully harming Emergent Group stockholders. Emergent Group stock traded as high as $8.65 per share as recently as December 14, 2010. Also, the directors and executive officers of Emergent Group, holding in the aggregate approximately 47% of the outstanding shares, have agreed to tender their shares in the tender offer unless it is terminated as a result of a superior proposal.

If you own common stock in Emergent and wish to obtain additional information, please contact Joseph Klein, Esq. directly, via email at [ jk@jkleinlawfirm.com ], by telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit [ http://www.jkleinlawfirm.com/emergent-group-lzr.html ].

Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.