Robbins Umeda LLP Announces an Investigation of SeaBright Holdings, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of SeaBright Holdings, Inc. (NYSE: SBX) in connection with their efforts to sell the company to Enstar Group Limited (NASDAQ: ESGR). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On August 28, 2012, SeaBright and Enstar announced that they had entered into a definitive merger agreement under which Enstar will acquire SeaBright through an all cash transaction. Pursuant to the agreement, SeaBright shareholders will receive $11.11 in cash for each share of the company they own. The transaction is expected to close in the first quarter of 2013.
Robbins Umeda LLP’s investigation focuses on whether the board of directors at SeaBright is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. For example, on August 7, 2012, SeaBright reported financial results for the second quarter of 2012 that exceeded analyst projections and represented substantial increases over 2011 figures. Specifically, SeaBright reported revenues of $64.317 million, which beat analyst estimates of $57 million by 12.84%. Additionally, SeaBright reported an increase in net income of $1.4 million for the second quarter of 2012, compared to a net loss of $15.7 million in the same quarter of 2011. Given these impressive financial results, Robbins Umeda LLP is examining the board of director’s decision to sell SeaBright now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Robbins Umeda LLP attorneys highlight that SeaBright shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.