A lawsuit was filed on behalf of investors of Palomar Medical Technologies Inc (NASDAQ:PMTI) in effort to stop the proposed takeover and NASDAQ:PMTI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/23/2013 -- An investor in shares of Palomar Medical Technologies Inc (NASDAQ:PMTI) filed a lawsuit in effort to halt the proposed takeover of Palomar Medical Technologies Inc by Cynosure, Inc for a value of $13.65 per NASDAQ:PMTI share.
Investors who purchased shares of Palomar Medical Technologies Inc (NASDAQ:PMTI) prior to March 18, 2013, and currently hold any of those NASDAQ:PMTI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PMTI stockholders arising out of their attempt to sell the company at an unfair price and process.
On March 18, 2013, Cynosure, Inc. (NASDAQ: CYNO) and Palomar Medical Technologies, Inc. (NASDAQ: PMTI) announced that they have signed an agreement, pursuant to which Cynosure will acquire Palomar Medical Technologies in a cash and stock transaction valued at approximately $294 million.Palomar shareholders will receive $13.65 per share of Palomar common stock: $6.825 per share in cash and $6.825 per share in Cynosure common stock (subject to adjustment and collar provisions described in the definitive agreement).
However, the plaintiff claims that the offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:PMTI shares at $14.50 per share. Furthermore, despite the too low price the plaintiff also says that the takeover process is unfair to NASDAQ:PMTI investors.
NASDAQ:PMTI shares closed on April 22, 2013, at $13.71 per share.
Those who are current investors in Palomar Medical Technologies Inc (NASDAQ:PMTI), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego