Protective Life Corporation receives securities class action lawsuit

A law office recently announced that it filed a securities class action lawsuit against an insurance company after it agreed to a merger with another firm.

Andrews and Springer, LLC, noted that it filed the litigation in the Delaware Court of Chancery on June 19, 2014, against Protective Life Corporation. This affects all shareholders who held stock in the company when it agreed to a merger with Dai-ichi Life Insurance Company Limited on June 3, 2014.

The deal was worth approximately $5.7 billion, and if it is approved, it would provide shareholders with $70 in cash per share owned. This may be too low of a figure, as it could undervalue the shares. The company noted that the premium would be 34 percent for stockholders, but there is just a 19.6 percent premium in the deal.

Furthermore, nearly 6 million shares of the company were sold on June 2014, previous to the deal being announced.

Shareholders who are looking to become lead plaintiff need to apply with the court to assume the position. Those interested parties will need to retain their own legal counsel. However, this is not a mandatory position, and shareholders have the ability to remain absent class members and take no further action. This will still allow them to collect in the even of any financial return.

It is possible for shareholders to learn more about the case by getting in contact with the law office. It is best to speak with Craig Springer by email or telephone. There is also an ability to visit the law firm's website for further details.

Separate investigation begins
Another law firm noted that it would investigate the issues related to the merger agreement between Protective Life and Dai-ichi Life Insurance. This also may develop into a class action lawsuit in the future.

Brodsky and Smith, LLC, noted that it began the investigation of the board of directors of Protective Life after the pending merger was announced. Part of the investigation will attempt to determine if the low valuations in the life industry played a role in the company deciding to merge.

It is possible to also discuss related matters with this law office. Both Jason Brodsky and Evan Smith are available by mail, email or telephone, while the firm's website also has additional details.