Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Odyssey Healthcare Inc. - ODSY
24 Mayo 2010 - 5:33PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Odyssey Healthcare Inc. (“Odyssey Healthcare” or the “Company”)
(Nasdaq: ODSY) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Gentiva Health Services, Inc. ("Gentiva") (Nasdaq:
GTIV). Under the terms of the transaction, Odyssey Healthcare
shareholders will receive $27.00 in cash for each Odyssey
Healthcare share of common stock they own for a total transaction
value of approximately $1.0 billion.
For the year ending December 31, 2009, Odyssey Healthcare
reported total revenue of $686.438 million and net income of
$40.591 million as compared to total revenue and net income of
$616.050 million and $14.426 million, respectively, for the prior
year. The investigation concerns whether the Odyssey Healthcare
Board of Directors breached their fiduciary duties to Odyssey
Healthcare stockholders by failing to adequately shop the Company
before entering into this transaction and whether Gentiva is
underpaying for Odyssey Healthcare shares, thus unlawfully harming
Odyssey Healthcare stockholders. Under the terms of the merger
agreement, the Odyssey Healthcare Board agreed to give Gentiva the
right to match any superior proposal the Company may receive and
agreed to pay to Gentiva a termination fee of up to $28,900,000,
under certain circumstances.
If you own common stock in Odyssey Healthcare 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/odyssey-healthcare-odsy.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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