San Diego, CA -- (SBWIRE) -- 02/03/2017 -- The Shareholders Foundation announced that an investor who currently holds shares of Universal American Corporation (NYSE:UAM), filed a lawsuit in effort to halt the proposed takeover of Universal American by WellCare Health Plans, Inc for $10.00 per share.

Investors who purchased shares of Universal American Corporation (NYSE:UAM) and currently hold any of those NYSE:UAM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:UAM stockholders by agreeing to sell niversal American Corporation too cheaply via an unfair process to WellCare Health Plans, Inc.

On Nov. 17, 2016, WellCare Health Plans, Inc. and Universal American Corporation (NYSE:UAM) announced that they have entered into an agreement under which WellCare will acquire Universal American Corporation (NYSE:UAM) in an all cash transaction valued at $10.00 per share of common stock.

However, plaintiff claims that the proposed consideration NYSE:UAM shareholders will receive is grossly inadequate and undervalues Universal American Corporation. In addition, the plaintiff alleges that the process is also unfair NYSE:UAM stockholders. The plaintiff claims that the proxy statement in connection with the WellCare Health Plans deal is incomplete and omits information on certain financial projections, potential conflicts of interest by the company's top brass, and the background of the deal.

On December 1, 2016, Universal American Corporation (NYSE:UAM) shares closed at $10.00 per share.

Those who are current investors in Universal American Corporation shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com