NEW YORK, Oct. 26, 2006 (PRIMEZONE) -- Roy Jacobs & Associates announces that it has filed a class action lawsuit charging that the management led buyout offer to purchase all of the public shares of Universal American Financial Corp. (Nasdaq:UHCO) for $18.16 per share is unfair, and constitutes a breach of the fiduciary duties of the directors involved, which include the Company's Chairman and Chief Executive Officer Richard A. Barasch, and three UHCO directors who are high-level principals of Capital Z Partners, Ltd., one of the buyout participants. No claim for damages is made against the Company.
Remember, until a class is certified, you are not represented by counsel. For further information you may call toll free, 1-888-884-4490, or contact counsel by e-mail by writing to classattorney@pipeline.com.
The purpose of the action is to insure that if a buyout takes place that the public shareholders receive full and fair compensation for the value of their shares. The Complaint alleges that the buyout price is unfair because it does not adequately compensate the public shareholders for the value of their shares, and the UHCO is worth significantly more than the price offered. Further, it is alleged that the defendants have access to material nonpublic information which if disclosed would likely demonstrate the unfairness of the offer.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact Roy L. Jacobs. Mr. Jacobs will personally speak with you at no cost or obligation.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.