NEW YORK, Jan. 23, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, notifies investors of WCA Waste Corporation ("WCA" or the "Company") (NASDAQ: WCAA) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Macquarie Infrastructure Partners II ("MIP II"). Under the terms of the transaction, WCA shareholders will receive $6.50 per share of WCA stock they own. The transaction has a total approximate value of $526 million including the refinance of WCA's existing credit facilities. A complaint was filed in Texas state court.
The Company also received a Nasdaq Staff Determination Letter stating that the Staff had determined that the Company had not met the requirements of Listing Rules 5620(a) and 5620 (b) by not holding the Company's 2011 annual meeting before December 31, 2011. Accordingly, the Staff determined to initiate procedures to delist the Company's securities from The Nasdaq Stock Market.
The claims concern whether the WCA Board of Directors breached their fiduciary duties to WCA stockholders by failing to adequately shop the Company before entering into this transaction and whether MIP II is underpaying for WCA shares, thus unlawfully harming WCA stockholders. In particular, the Company has reported a book value of $7.79 per share, for the most recent quarter.
If you own WCAA common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC
125 East 82nd Street
New York, New York
Toll Free: 877-772-3975
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC
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