Complaint filed regarding Professional Sports Care Management/HEALTHSOUTH Corp. merger agreement.HARRISON, N.Y.--(BUSINESS WIRE)--May 24, 1996--Professional Sports Care Management Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PSCM PSCM Public Service Communications Manual PSCM Purchasing & Supply Chain Management PSCM Product Structure Configuration Management PSCM Master Chief Personnel Specialist PSCM Master Chief Port Security Specialist (USCG rating) )("PSCM") said today that following the announcement of the signing of the Plan and Agreement of Merger dated as of May 16, 1996 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the proposed merger between PSCM and HEALTHSOUTH Corporation ("HEALTHSOUTH"), it has been informed that a complaint purporting to be a class action has been filed in the Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . against PSCM, its directors and HEALTHSOUTH alleging breaches of fiduciary duty Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne and other matters in connection with the Agreement. The plaintiff seeks, among other things, preliminary and permanent injunctions against consummation of the Merger and unspecified damages and claims that the procedures utilized in approving the Merger breached the directors' fiduciary duties and that the consideration offered is unfair and does not maximize stockholder value. Management of PSCM intends to defend vigorously against these claims. PSCM is the largest network of outpatient physical therapy, orthopedic rehabilitation and corporate health enhancement centers in the Tri-State area. Currently PSCM operates 36 physical therapy centers and 35 corporate health enhancement centers throughout its market area. CONTACT: Professional Sports Care Management Inc. Michael P. Neuscheler Executive Vice President & Chief Financial Officer 914/777-2400 |
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