Levi & Korsinsky is investigating the Board of Directors of Life Quotes, Inc. (“Life Quotes” or the “Company”) (NasdaqCM: QUOT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to LQ Acquisition, Inc., a company owned and controlled by Robert S. Bland, President and Chief Executive Officer of Life Quotes (LQ Acquisition). Under the terms of the transaction, Life Quotes shareholders will receive $4.00 in cash for each Life Quotes share of common stock they own.
LQ Acquisition currently owns approximately 31% of the shares in Life Quotes and has also signed share tender agreements with major stockholders William V. Thoms and Zions Bancorporation under which each agreed to tender their shares in the offer, which together with the shares already owned by LQ Acquisition, Inc., would be approximately 73% of the total shares of Life Quotes. Also a condition of the tender offer, Life Quotes will loan $19 million to LQ Acquisition, Inc. to pay for properly tendered shares.
The investigation concerns whether the Life Quotes Board of Directors breached their fiduciary duties to Life Quotes stockholders by failing to adequately shop the Company before entering into this transaction and whether LQ Acquisition is underpaying for Life Quotes shares, thus unlawfully harming Life Quotes stockholders. In particular, the Company has a book value in excess of $4.40 per share and has $3.04 per share in cash with no debt.
If you own common stock in Life Quotes and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/life-quotes-quot.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
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