Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of ATS Medical, Inc. - ATSI
29 Abril 2010 - 7:52PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
ATS Medical, Inc. (“ATS Medical” or the “Company”) (NasdaqGM: ATSI)
for possible breaches of fiduciary duty and other violations of
state law in connection with their attempt to sell the Company to
Medtronic Inc. ("Medtronic") (NYSE: MDT). Under the terms of the
transaction, ATS Medical shareholders will receive $4.00 in cash
for each ATS Medical share of common stock they own for a total
transaction value of approximately $370 million.
The investigation concerns whether the ATS Medical Board of
Directors breached their fiduciary duties to ATS Medical
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Medtronic is underpaying
for ATS Medical shares, thus unlawfully harming ATS Medical
stockholders. At least one analyst set a price target for ATS
Medical stock at $5.00 per share and the Board of Directors agreed
to a strict "no solicitation" provision and agreed to pay Medtronic
a termination fee of $13 million, under certain circumstances.
If you own common stock in ATS Medical and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500 or
visit http://www.zlk.com/ats-medical-atsi.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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