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South Florida Law Firm -- Law Office of Jonathan M. Stein, P.L., -- Investigates Possible Breach of Fiduciary Duty by the Board

^{Published on 2011-06-27 08:36:10 - Market Wire}
 

BOCA RATON, Fla.--([ BUSINESS WIRE ])--The Law Office of Jonathan M. Stein, P.L. is investigating the Board of Directors of Continucare Corporation ("Continucare" or the "Company") (NYSE: CNU) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to Metropolitan Health Networks, Inc. Under the terms of the proposed transaction, Continucare shareholders are to receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock for each share of Continucare they own, for a total transaction value of about $416 million or $6.45 per share. Phillip Frost, M.D., a director of the Company, and other shareholders affiliated with Dr. Frost, who collectively own approximately 43% percent of Continucare stock, have agreed to vote their shares in favor of the merger. A vote of only a majority of Continucarea™s outstanding common stock will be required to approve the merger agreement.

The investigation involves whether the Board of Directors of Continucare breached their fiduciary duties to Continucare stockholders by failing to adequately shop the Company before agreeing to enter into the transaction and whether Continucare has disclosed all material information to shareholders about the proposed transaction.

If you own stock in Continucare and wish to obtain additional information about your rights, or if you have information regarding the above investigation, please contact Jonathan M. Stein, Esq. either via email at [ jstein@jonathansteinlaw.com ] or by telephone at (561) 961-2244.

The Law Office of Jonathan M. Stein, P.L.represents shareholders and consumers in complex litigation, including class action and derivative litigation. More information about the firm is available through its website, [ www.jonathansteinlaw.com ], and upon request from the firm. Jonathan M. Stein is the attorney responsible for the content of this release.