The Law Office of Robbins Umeda LLP Announces an Investigation of the Acquisition of Osteotech, Inc. by Medtronic, Inc.
17 Agosto 2010 - 6:27PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors ("Board") of Osteotech, Inc.
("Osteotech" or the "Company") (NASDAQ: OSTE) in connection with
their efforts to sell Osteotech to Medtronic, Inc. ("Medtronic")
(NYSE: MDT). If the transaction is completed, Osteotech
shareholders will receive $6.50 in cash for each share of Osteotech
stock they hold.
Robbins Umeda LLP's investigation concerns whether Osteotech's
Board undertook a fair process to obtain fair consideration for all
shareholders of Osteotech. Specifically, our investigation concerns
whether the Company's Board breached their fiduciary duties to
Osteotech shareholders by failing to adequately shop the Company
before entering into the transaction with Medtronic. Of particular
note, the Board is in the middle of a proxy fight with a dissident
shareholder who owns 23% of Osteotech's common stock. The dissident
shareholder is running a four-person slate of candidates for
election to Osteotech's Board, claiming the Company's stock price
has eroded due to the ineptness of the Board. Robbins Umeda LLP's
investigation will look at whether members of the Board are
attempting to sell the Company at an inadequate price, and without
shopping Osteotech, rather than risk losing their seats in the
proxy fight, among other things.
If you are a shareholder of Osteotech, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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