Micrus Endovascular Board Being Investigated by The Law Office of Joseph Klein Following Johnson & Johnson Bid - MEND
15 July 2010 - 6:22AM
Business Wire
The Law Office of Joseph Klein is investigating the Board of
Directors of Micrus Endovascular Corporation (“Micrus” or the
“Company”) (NasdaqGM: MEND) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to Johnson & Johnson. ("J&J") (NYSE:
JNJ). Under the terms of the transaction, Micrus shareholders will
receive $23.40 in cash for each Micrus share of common stock they
own for a total transaction value of approximately $480
million.
For the year ending March 31, 2010, Micrus reported total
revenue of $91.090 million and net income of $11.530 million as
compared to total revenue and a net loss of $78.196 million and
$11.054 million, respectively, for the prior year. The
investigation concerns whether the Micrus Board of Directors
breached their fiduciary duties to Micrus stockholders by failing
to adequately shop the Company before entering into this
transaction and whether J&J is underpaying for Micrus shares,
thus unlawfully harming Micrus stockholders. In particular, the
offer price is only a small premium over the $22.24 price the
Company's shares traded at as recently as February 19, 2010 and at
least one analyst set a price target for Micrus stock at $25.00 per
share.
If you own common stock in Micrus and wish to obtain additional
information about this investigation and what is being done to
advance the shareholders’ interests, please contact Joseph Klein,
Esq. directly, via email at jk@jkleinlawfirm.com, by telephone at
718-947-0005, Toll Free: 877-STOK-180, or
http://www.jkleinlawfirm.com/micrus-endovascular-mend.html. All
consultations are confidential and free of charge.
To share your views on the proposed merger transaction and to
see how other shareholders plan on voting, go to
http://buyoutorsellout.com/web/mergers/micrus-endovascular.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.
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