Health & Fitness
Wed, December 14, 2011
WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Synovis Life Technologies, Inc. (aSynovisa or the aCompanya) (Nasdaq: [ SYNO ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companyas entry into an agreement to be acquired by Baxter International Inc. (aBaxtera) in a transaction with an approximate equity value of $325 million or approximately $260 million after adjusting for the net cash.
Click here to learn more and to discuss your shareholder rights: [ http://investigations.rigrodskylong.com/synovis-life-technologies-inc-syno/ ].
Under the proposed agreement, Baxter will acquire all of Synovisa outstanding shares for $28.00 per share in cash.
The investigation concerns whether Synovisa board of directors adequately shopped the Company to obtain the best price possible for Synovisa shareholders before entering into the agreement with Baxter.
Indeed, as recent as August 24, 2011, Synovis reported its fiscal third quarter 2011 financial results wherein the Company announced a 19% revenue increase and a net income increase of 69%. Richard Kramp, Synovisa President and CEO commented: aOur strong portfolio of soft tissue repair products has proven again that it is a powerful generator of revenue growth and profitability[.]aFor the 17th consecutive quarter, in a challenging healthcare economic climate, we have posted double-digit sales gains and established a firm foundation for continued growth. We are very pleased with the performance of our products in the large and competitive markets where we continue to build a favorable reputation.a
If you own the common stock of Synovis and purchased your shares before December 13, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Seth D. Rigrodsky, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].
[ Rigrodsky & Long, P.A. ], with offices in Wilmington, Delaware and Garden City, New York, regularly litigates [ securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation ], including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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