SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation of The Board of Directors of Associated Estates Realty Corporation - AEC
BALA CYNWYD, Pa., April 22, 2015 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Associated Estates Realty Corporation ("AEC" or "the Company") (NYSE-AEC-News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Brookfield Asset Management Inc. ("Brookfield").
Under the terms of the transaction, AEC shareholders will be cashed out and receive only $28.75 for each share of AEC stock they own. The investigation concerns whether the Board of AEC breached their fiduciary duties to shareholders by failing to adequately consider other strategic initiatives that may have resulted in enhanced value before agreeing to enter into this transaction, and whether Brookfield is underpaying for AEC. The transaction is significantly below the premium paid for comparable transactions despite AEC's extended track record of delivering industry leading shareholder returns. For example, AEC increased its quarterly dividend twice during the year and raised the annualized distribution by 10.5%.
If you own shares of AEC and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Brodsky & Smith, LLC
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