Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Compliance December 28, 2011
Investigation into Sale of WCA Waste Corp. Underway
A law firm is investigating the Board of Directors of WCA Waste Corporation for possible breaches of fiduciary duty in connection with the sale of the company to Macquarie Infrastructure Partners II.
Reported by PLANADVISER staff
Levi & Korsinsky’s investigation concerns whether the WCA Board of Directors breached their fiduciary duties to WCA stockholders by failing to adequately shop the company before entering into this transaction and whether MIP II is underpaying for WCA shares, thus unlawfully harming WCA stockholders. In particular, the Company has reported a book value of $7.79 per share, for the most recent quarter.
Under the terms of the transaction, WCA shareholders will receive $6.50 per share of WCA stock they own. The transaction has a total approximate value of $526 million including the refinance of WCA’s existing credit facilities.
Owners of common stock in WCA who want additional information can contact Joseph E. Levi, Esq., at jlevi@zlk.com or (212) 363-7500.