Law Firm of Wohl & Fruchter Commences Investigation into Acquisition of MOD-PAC Corp. by Company's Chairman and CEO
NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP has commenced an investigation into whether the directors of MOD-PAC Corp. (NAS: MPAC) (MOD-PAC) breached their fiduciary duties to shareholders by approving an agreement to sell the Company to its Chairman and CEO.
On April 11, 2013, MOD-PAC announced that the Company's board of directors had approved an agreement for Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company, and their affiliates and associates (Buyer Group) to acquire the Company for $8.40/share in cash.
The members of the Buyer Group are the beneficial owners of approximately 18.7% of the Company's outstanding Common Stock and approximately 51.9% of the Company's outstanding Class B Common Stock, which together represent approximately 41.0% of the voting power of the Company's stock.
Wohl & Fruchter's investigation concerns the fairness of the process used to approve the transaction, and whether approval of the transaction was improperly motivated by conflicts of interest.
Additional information is available at http://www.wohlfruchter.com/cases/mpac.
Persons with relevant information, and MPAC shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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Wohl & Fruchter LLP
J. Elazar Fruchter (firstname.lastname@example.org)
KEYWORDS: United States North America New York
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