Presidential Life Corporation (PLFE) Is Investigated by Faruqi & Faruqi, LLP for Potential Breaches of Fiduciary Duties
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Presidential Life Corporation (“Presidential Life” or the “Company”) (NASDAQ: PLFE) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Athene Holding Ltd. in an all-cash deal valued at approximately $415 million. Under the terms of the proposed transaction, Presidential Life’s stockholders will receive $14 in cash for each share of Presidential Life they own, while according to Presidential Life’s report for the most recent quarter, the Company’s Book Value was $26.95.
Whether Presidential Life’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Presidential Life’s shares and by how much this proposed transaction undervalues the Company to the detriment of Presidential Life’s shareholders are the key focus of this investigation.
If you own common stock in Presidential Life and wish to obtain additional information and protect your investments free of charge, contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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