Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Biosphere Medical, Inc. - BSMD
13 Mayo 2010 - 7:00PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
BioSphere Medical, Inc. (“BioSphere” or the “Company”) (NasdaqGM:
BSMD) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Merit Medical Systems, Inc. ("Merit Medical") (NasdaqGS: MMSI).
Under the terms of the transaction, BioSphere shareholders will
receive $4.38 in cash for each BioSphere share of common stock they
own for a total transaction value of approximately $96 million.
The investigation concerns whether the BioSphere Board of
Directors breached their fiduciary duties to BioSphere stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Merit Medical is underpaying for BioSphere
shares, thus unlawfully harming BioSphere stockholders. In
particular, at least one analyst set a price target for BioSphere
stock at $6.00 per share.
If you own common stock in BioSphere 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/biosphere-medical-bsmd.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.
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