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Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of AMREP Corporation

^{Published on 2010-09-13 11:15:18 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of AMREP Corporation (aAMREPa or the aCompanya) (NYSE: AXR) for possible breaches of fiduciary duty and other violations of state law in connection with a receipt of a proposal Nicholas G. Karabots, the Companya™s Vice Chairman of the Board, for a going private transaction. Under the terms of the proposed transaction, AMREP shareholders will receive $12.00 in cash for each share of AMREP common stock they own.

The investigation concerns whether the AMREP Board of Directors breached their fiduciary duties to AMREP stockholders by failing to adequately shop the Company before entering into this transaction. In particular, AMREP stock has traded as high as $15.32 per share as recently as June 15, 2010. Also, Mr. Karabots currently owns approximately 60% of AMREPa™s outstanding common stock and has indicated that he is not interested in selling his interest in AMREP to anyone else.

If you own common stock in AMREP and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500 or visit [ http://www.zlk.com/amrep-axr.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.