Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors ("Board") of Osteotech, Inc. ("Osteotech" or the "Company") (NASDAQ: OSTE) in connection with their efforts to sell Osteotech to Medtronic, Inc. ("Medtronic") (NYSE: MDT). If the transaction is completed, Osteotech shareholders will receive $6.50 in cash for each share of Osteotech stock they hold.
Robbins Umeda LLP's investigation concerns whether Osteotech's Board undertook a fair process to obtain fair consideration for all shareholders of Osteotech. Specifically, our investigation concerns whether the Company's Board breached their fiduciary duties to Osteotech shareholders by failing to adequately shop the Company before entering into the transaction with Medtronic. Of particular note, the Board is in the middle of a proxy fight with a dissident shareholder who owns 23% of Osteotech's common stock. The dissident shareholder is running a four-person slate of candidates for election to Osteotech's Board, claiming the Company's stock price has eroded due to the ineptness of the Board. Robbins Umeda LLP's investigation will look at whether members of the Board are attempting to sell the Company at an inadequate price, and without shopping Osteotech, rather than risk losing their seats in the proxy fight, among other things.
If you are a shareholder of Osteotech, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.
Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.Advertisement