MONSEY, N.Y., Oct. 31, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Universal Stainless & Alloy Products (Nasdaq: USAP) (“Universal”) to Aperam for $45.00 per share in cash.
Notably, multiple Universal shareholders on Seeking Alpha have expressed extreme disappointment in the sale price, as detailed below.
If you remain a Universal shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/universal/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 17, 2024, Universal announced that it had agreed to be sold to Aperam for $45.00 per share in cash.
Notably, multiple Universal shareholders have complained on the Seeking Alpha website that the price is too low, including:
- a shareholder with the username “Invest_2020” who opined: “USAP was sold for much less than its potential”
- a shareholder with the username “littlerico” who remarked: “shocked when I saw the news. Cannot understand why the low valuation. There are several years of very strong growth ahead once Ba starts producing planes again”
- a shareholder with the username “abh3vt” who commented: “Will be interesting to see the argument in the proxy statement that this was fair value when all the best comp companies in USAP's industry trade at FAR higher forward and trailing multiples. They left a LOT on the table agreeing to be bought out at 45/sh.”
- a shareholder with the username “pnin” who exclaimed: “This one goes into the 'Most Unimpressive Accepted Buyout Offer HALL OF FAME'!!!”
“We are investigating whether the Universal Board of Directors acted in the best interests of Universal shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Universal shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
