Robbins Umeda LLP Announces an Investigation of WCA Waste Corporation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of WCA Waste Corporation (NASDAQ: WCAA) in connection with their efforts to sell the company to Macquarie Infrastructure Partners II. 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 December 21, 2011, it was announced that WCA Waste entered into an agreement and plan of merger pursuant to which Macquarie will acquire all outstanding shares of WCA Waste common stock for $6.50 per share in cash. The transaction is expected to close in the first quarter of 2012.
Robbins Umeda LLP’s investigation focuses on whether WCA Waste’s Board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results. On October 26, 2011, the company reported better than expected financial results for the third-quarter of fiscal year 2011 that beat analyst projections. WCA Waste reported revenue of $74.4 million for the quarter, a 25.5% increase over the third quarter of 2010, and above analyst estimates of $71.23 million. In a press release announcing these results, WCA Waste Chairman, CEO Tom Fatjo, Jr. stated, “The third quarter revenue and earnings growth is a strong indication of the underlying strength of WCA’s operations.”
Robbins Umeda LLP notes that a potentially appropriate course of conduct for WCA Waste shareholders is to file a class action against the company to secure both 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.