Rigrodsky & Long, P.A. Investigates HealthTronics, Inc. Merger
06 Maggio 2010 - 4:57PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of HealthTronics,
Inc. (“HealthTronics” or the “Company”) (Nasdaq:HTRN) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s entry into an agreement to be acquired by
Endo Pharmaceuticals Holdings Inc. (“Endo”) (Nasdaq:ENDP) in a
transaction valued at approximately $223 million
(http://www.rigrodskylong.com/news/HTRN).
Under the proposed agreement, Endo will commence an all cash
tender offer to acquire 100 percent of the outstanding shares of
HealthTronics for approximately $223 million or $4.85 cash per
HealthTronics share plus the assumption of approximately $35
million in net debt. HealthTronics shares that are not acquired in
the tender offer will be purchased at the same price in a
second-step merger. The investigation concerns whether
HealthTronics’ board of directors failed to adequately shop the
Company and obtain the best price possible for HealthTronics’
shareholders before entering into the agreement with Endo.
As recent as March 4, 2010, the Company reported its fourth
quarter 2009 financial results and its guidance for 2010 wherein
HealthTronics reported increased revenue from the same quarter in
2008. James Whittenburg, HealthTronics’ President and CEO,
commented, “[o]ur Fourth Quarter and Year-End results mark
excellent progress in our ability to successfully leverage our
platform of unique relationships with over 2,500 urologists
nationally.” HealthTronics also announced that “the Company’s 2010
guidance reflects continued reinvestment into growth initiatives
that help position the Company for meaningful organic growth in
2011 and beyond.” Indeed, at least one analyst has set a price
target of $7.00 per share for HealthTronics.
If you own the common stock of HealthTronics and purchased your
shares before May 5, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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