The Law Offices of Vincent Wong Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Osteotech, Inc. ...
18 Août 2010 - 5:21PM
Business Wire
The Law Offices of Vincent Wong is investigating the Board of
Directors of Osteotech, Inc. (“Osteotech” or the “Company”)
(Nasdaq: OSTE) for possible breaches of fiduciary duty and other
violations of state law in connection with the proposed transaction
in which Medtronic, Inc. (“Medtronic”) (NYSE:MDT) will acquire
Osteotech for $6.50 per share in cash or a total transaction value
of approximately $123 million.
The Company is in the middle of a proxy fight with a shareholder
group that owns 23% of Osteotech’s common stock. According to
Dr. Kenneth Shubin Stein of Spencer Capital, which part
of the shareholder group, the company has implemented "a number of
bad faith, anti-corporate governance practices such as golden
parachutes, 'poison pills,' 'poison puts' and the rejection of a
fair value acquisition attempt."
The investigation concerns whether the Osteotech Board of
Directors breached their fiduciary duties to stockholders by
failing to adequately shop the Company before entering into this
transaction and whether Medtronic is underpaying for Osteotech
shares.
If you own common stock in Osteotech and wish to obtain
additional information about this investigation and what is being
done to advance the shareholders’ interests, please contact Vincent
Wong, Esq. directly, via email at vw@wongesq.com, by telephone at
212.584.2740, or visit http://www.wongesq.com/osteotech.html.
Vincent Wong, Esq. is an experienced attorney that has
represented investors in securities litigations involving financial
fraud and violations of shareholder rights.
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