The Law Office of Joseph Klein Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Osteotech, Inc. I...
17 Agosto 2010 - 8:50PM
Business Wire
The Law Office of Joseph Klein is investigating the Board of
Directors of Osteotech, Inc. (“Osteotech” or the “Company”)
(Nasdaq: OSTE) for possible breaches of fiduciary duty and other
violations of state law in connection with the proposed transaction
in which Medtronic, Inc. (“Medtronic”) (NYSE:MDT) will acquire
Osteotech for $6.50 per share in cash or a total transaction value
of approximately $123 million.
The investigation concerns whether the Osteotech Board of
Directors breached their fiduciary duties to stockholders by
failing to adequately shop the Company before entering into this
transaction and whether Medtronic is underpaying for Osteotech
shares. In particular, the Company is in the middle of a proxy
fight with a shareholder group that owns 23% of Osteotech’s common
stock. According to Dr. Kenneth Shubin Stein of Spencer
Capital, which part of the shareholder group, the company has
implemented "a number of bad faith, anti-corporate governance
practices such as golden parachutes, 'poison pills,' 'poison puts'
and the rejection of a fair value acquisition attempt."
If you own common stock in Osteotech and wish to obtain
additional information about this investigation and what is being
done to advance the interests of the shareholders, please contact
Joseph Klein, Esq. directly, via email at jk@jkleinlawfirm.com, by
telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit
http://www.jkleinlawfirm.com/osteotech-oste.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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