NEW YORK, July 27, 2020 /PRNewswire/ —
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Otelco, Inc. («OTEL» or the «Company») (NASDAQ: OTEL) in connection with the proposed acquisition of the Company by affiliates of Oak Hill Capital («Oak Hill«). Under the terms of the acquisition agreement, the Company’s shareholders will receive a mere $11.75 in cash for each share of OTEL common stock they own, an amount below OTEL’s pre-announcement closing price.
If you own OTEL shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether OTEL’s board was truly independent and acted to maximize shareholder value prior to entering into the acquisition agreement, and whether all information regarding the valuation of the deal will be fully and fairly disclosed to OTEL shareholders. Notably, a group of related entities which collectively own 49.6% of OTEL’s total outstanding shares has already agreed to vote in favor of the transaction, and the no-premium merger consideration is $0.51 less than OTEL’s July 24, 2020 closing price of $12.26.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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SOURCE WeissLaw LLP