WILMINGTON, Del., Dec. 13, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Middle District of Florida, Ft. Myers Division, on behalf of holders of WCI Communities, Inc. (“WCI”) (NYSE:WCIC) common stock in connection with the proposed acquisition of WCI by Lennar Corporation and its wholly-owned subsidiaries (“Lennar”) announced on September 22, 2016 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against WCI, its Board of Directors (the “Board”), and Lennar, is captioned Parshall v. WCI Communities, Inc., Case No. 2:16-cv-00846-JES-CM (M.D. Fla.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail at info@rl-legal.com; or at: http://rigrodskylong.com/investigations/wci-communities-inc-wcic/.
On September 22, 2016, WCI entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Lennar. Pursuant to the Merger Agreement, Lennar will acquire WCI, and WCI shareholders will receive $11.75 in cash and a fraction of a share of Lennar Class A common stock valued at $11.75 for each share of WCI that they own (the “Proposed Transaction”).
The Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, on November 10, 2016, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Registration Statement, which recommends that WCI stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to the process and events leading up to the Proposed Transaction, the opinions and analyses of WCI’s financial advisors, and potential conflicts of interest.
Plaintiff seeks injunctive and equitable relief and damages on behalf of holders of WCI common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than February 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation, and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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