Rigrodsky & Long, P.A. Investigates Conmed Healthcare Management, Inc. Over Its Sale to Ayelet Investments, LLC for Shareholders

  • Do you own Conmed Healthcare Management Inc. common stock?
  • Did you purchase your shares prior to July 12, 2011?
  • Do you feel the Company's sale to Ayelet Investments, LLC is unfair?
  • Do you want to discuss your rights?

If the answer to these questions is "yes," please contact the deal lawyers at Rigrodsky & Long, P.A. ("R & L") today to schedule a FREE consultation. Just call us, or fill out our contact form so that we can call at your convenience. Your consultation will not create any obligation to use our services at any time.

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R & L is a national law firm with decades of combined legal experience. R & L is investigating potential claims against the board of directors of Conmed Healthcare Management, Inc. concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by Ayelet Investments LLC in a transaction with an approximate value of $57.2 million.

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Rigrodsky & Long, P.A. Investigates Conmed Healthcare Management, Inc. Over Its Sale to Ayelet Investments, LLC for Shareholders

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Conmed Healthcare Management, Inc. (“Conmed” or the “Company”) (NYSE Amex: CONM) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by Ayelet Investments LLC (“Ayelet”) in a transaction with an approximate value of $57.2 million.

Under the proposed agreement, Conmed shareholders will receive $3.85 per share in cash for every share of Conmed common stock they hold.  Ayelet is an affiliate of James H. Desnick, the Chairman of the Board of Medical Equity Dynamics, LLC.  According to SEC filings, Dr. Desnick already beneficially owns approximately 9.4% of Conmed’s outstanding stock.

The investigation concerns whether Conmed’s board of directors adequately shopped the Company to obtain the best price possible for Conmed’s shareholders before entering into the agreement with Ayelet.  Indeed, as recent as June 24, 2011, Conmed stock closed at $3.95 per share and according to Yahoo! Finance, at least one analyst has set a $5.00 per share target for Conmed stock.

Moreover, as recent as May 11, 2011, Conmed issued a press release wherein it announced its financial results for the first quarter of 2011.  The Company reported record revenues and its Chairman and CEO, Richard Turner, stated: “During the first quarter of 2011, Conmed again set new records for revenue and operating profit.  We continued to generate cash and maintained a solid, debt-free balance sheet[.]  Our continued growth and success stem from our commitment to excellence in the delivery of healthcare as well as the soundness of our business model.”

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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R & L, with offices in Delaware and New York, litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising.  Prior results do not guarantee a similar outcome.

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