NEW YORK, June 29, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of The Spectranetics
Corporation ("SPNC" or the "Company") (NASDAQ: SPNC) in connection
with the proposed acquisition of the Company by Dutch healthcare
company Royal Philips ("Philips")
(NYSE: PHG). Under the terms of the acquisition agreement,
the Company's shareholders will receive $38.50 in cash for each SPNC share they own.
WeissLaw is investigating whether SPNC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, SPNC reported double digit growth in revenue and gross
profit in the first quarter of fiscal year 2017, marking the
seventh consecutive period the Company beat its quarterly financial
outlook.
Further, the acquisition is a lopsided agreement, heavily
favoring the interests of Philips and its shareholders at the
expense of SPNC shareholders. Philips stands to gain
innumerable benefits from this deal, namely:
- the expansion and strengthening of Philips's portfolio to
include SPNC's collection of high growth-rate and highly
competitive devices;
- the improvement of Philips's market position in the healthcare
industry; and
- the strengthening of Philips's growth strategy as it
anticipates the deal to be immediately accretive to profit and
revenue.
Finally, the acquisition will give Philips access to SPNC's
highly anticipated Stellarex, which is expected to obtain FDA
approval this year.
Given these facts, WeissLaw is investigating whether SPNC's
Board acted in the best interests of SPNC's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own SPNC shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/the-spectranetics-corporation/
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/weisslaw-llp-the-spectranetics-corporation-acquisition-may-not-be-in-the-best-interests-of-spnc-shareholders-300482002.html
SOURCE WeissLaw LLP