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WILMINGTON, Del., Jan. 04, 2017 -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Calamos Asset Management, Inc. (“Calamos Asset Management” or the “Company”) relating to the sale of the Company to an entity owned by founder John Calamos, who currently owns and controls over 77% of Calamos Asset Management’s stock. On December 19, 2016, the two parties announced that they reached an agreement in principle pursuant to which John Calamos will acquire Calamos Asset Management in a going private merger via a tender offer. As a result of the merger, Calamos Asset Management shareholders are only anticipated to receive $8.25 per share in cash in exchange for each share of Calamos Asset Management.
Andrews & Springer’s investigation so far has revealed that the consideration Calamos Asset Management shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is less than the average $8.95 per share price that John Calamos and his affiliates paid when they repurchased over 525,000 shares of Class A stock during the third quarter of 2016. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
If you own shares of Calamos Asset Management and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/calamos-asset-management-class-action-investigation/ or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. [email protected] Toll Free: 1-800-423-6013
