Health & Fitness
Health and Fitness
Health and Fitness 
Tue, May 17, 2011
Mon, May 16, 2011
The Briscoe Law Firm Investigates Orthovita, Inc. for Shareholders Concerning Acquisition by Stryker Corporation
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Orthovita, Inc. (aOrthovitaa or aVITAa) (NASDAQ: VITA) related to the acquisition of Orthovita by Stryker Corporation (NYSE: SYK).
The definitive agreement, which was announced on May 16, 2011, involves an all-cash transaction valued at approximately $316 million. Under the proposed buyout, Orthovita shareholders will receive only $3.85 in cash for each share of Orthovita/VITA common stock they hold through a tender offer. The tender offer is expected to be completed in the second quarter of 2011.
The firms are investigating the fairness of the proposed transaction to Orthovita shareholders, whether the shareholders are being underpaid for their stock, and whether Orthovitaa™s Board of Directors acted in the shareholdersa™ best interests. In particular, although the acquisition price represents a premium over Orthovitaa™s closing price the day before the announcement, at least one analyst has set a target price of $4.00 per share for Orthovita shares. Based on this and other factors, the firms do not believe that the acquisition price is fair to Orthovita shareholders. Further, the firms are also investigating whether Orthovitaa™s Board of Directors adequately considered all viable alternatives before entering into the agreement.
If you currently own shares of Orthovita/VITA and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.