The Law Offices Of Vincent Wong Announces Investigation Of Possible Breach Of Fiduciary Duty By The Board Of Osteotech, Inc. In Connection With Announced Merger With Medtronic, Inc. - OSTE
The Law Offices of Vincent Wong 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 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."
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.
If you own common stock in Osteotech and wish to obtain additional information about this investigation and what is being done to advance the shareholders’ interests, please contact Vincent Wong, Esq. directly, via email at email@example.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/osteotech.html.Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights.
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