SAN DIEGO and HAYWARD,
Calif., Dec. 16, 2013 /PRNewswire/ --
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of Solta Medical, Inc. (NASDAQ: SLTM)
by Valeant Pharmaceuticals International Inc. (NYSE: VRX). On
December 16, 2013, Valeant
Pharmaceuticals announced the signing of a definitive merger
agreement pursuant to which the company will acquire all
outstanding common stock of Solta Medical for $2.92 per share in cash.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Proposed Merger Best for Solta Medical and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Solta Medical is undertaking a fair process to
obtain maximum value and adequately compensate Solta shareholders
in the merger. As an initial matter, there are currently four
analysts with a target price above $3.00, which is above the offer price, with the
Maxim Group maintaining a target price of $4.00 since May 2,
2013.
Moreover, on November 11, 2013,
Solta Medical announced a plan to improve shareholder value by,
among other things, reducing annual expenses by $12 million and generate more than $8 million positive cash flow from
operations. In a press release announcing implementation of
the plan, Solta Medical's Interim CEO, Mark
Sieczkarek, commented, "To achieve our 2014 objectives, we
have implemented cost reductions that included a reduction in work
force. We have carefully reviewed the implications of the
reductions we have made and are confident that we will be able to
maintain our robust product pipeline and continue to bring to
market innovative aesthetic products. These changes will improve
our financial results next year, while making us a more customer
friendly organization."
Given these facts, Robbins Arroyo LLP is examining the Solta
Medical board of directors' decision to sell the company to Valeant
Pharmaceuticals now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects, and whether they are seeking to benefit
themselves.
Solta Medical shareholders have the option to file a class
action lawsuit to ensure the board of directors properly evaluates
the proposal to obtain the best possible price for shareholders and
the disclosure of material information. Solta Medical
shareholders interested in information about their rights and
potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP