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The Law Office of Joseph Klein Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Osteotech, Inc. In

^{Published on 2010-08-17 17:01:28 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--The Law Office of Joseph Klein is investigating the Board of Directors of Osteotech, Inc. (aOsteotecha or the aCompanya) (Nasdaq: OSTE) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed transaction in which Medtronic, Inc. (aMedtronica) (NYSE:[ MDT ]) will acquire Osteotech for $6.50 per share in cash or a total transaction value of approximately $123 million.

"a number of bad faith, anti-corporate governance practices such as golden parachutes, 'poison pills,' 'poison puts' and the rejection of a fair value acquisition attempt."

The investigation concerns whether the Osteotech Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Medtronic is underpaying for Osteotech shares. In particular, the Company is in the middle of a proxy fight with a shareholder group that owns 23% of Osteotecha™s common stock. According to Dr.Kenneth Shubin Steinof Spencer Capital, which part of the shareholder group, the company has implemented "a number of bad faith, anti-corporate governance practices such as golden parachutes, 'poison pills,' 'poison puts' and the rejection of a fair value acquisition attempt."

If you own common stock in Osteotech and wish to obtain additional information about this investigation and what is being done to advance the interests of the shareholders, please contact Joseph Klein, Esq. directly, via email at [ jk@jkleinlawfirm.com ], by telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit [ http://www.jkleinlawfirm.com/osteotech-oste.html ].

Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation.