Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of American Community Properties Trust
BENSALEM, Pa.-(Business Wire)-September 29, 2009 - Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of American Community Properties Trust (“American Community Properties” or the “Company”) (NYSE:APO), related to the Company’s agreement to be acquired by FCP Fund I, L.P. (“FCP”) in an all-cash transaction valued at approximately $43.6 million.
Under the terms of the merger agreement entered into by the parties, FCP will acquire 100% of the outstanding common shares of American Community Properties for $7.75 per share. Concurrently with the execution of the merger agreement, members of the Wilson family, who collectively own approximately 50.68% of the outstanding voting shares of the Company, entered into a voting agreement with FCP pursuant to which they have agreed to vote their Company common shares in favor of the transaction. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to approval of the acquisition by the American Community Properties board of directors.
If you own shares of American Community Properties Trust, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
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