The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of American Medical Systems Holdings, Inc. (“AMS”) (NasdaqGS: AMMD) and other violations of state law by the Board of Directors of AMS relating to the proposed acquisition of the company by Endo Pharmaceuticals Holdings Inc. (“Endo”) (Nasdaq: ENDP). The firm’s investigation seeks to determine whether AMS and its Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.
On April 11, 2011, AMS and Endo jointly announced that they have entered into a definitive merger agreement for AMS to be acquired by Endo. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, Endo will acquire 100 percent of the shares of AMS for $30 per share or a total cash consideration of $2.9 billion, which includes the assumption and repayment of $312 million of AMS debt. AMS has recently performed well, reporting revenue of $147 million for the fourth quarter of 2010, a 0.7 percent increase over sales of $146 million in the comparable quarter of 2009. Also, AMS reported fourth quarter net income of $27.2 million, or $0.35 per share, a growth of 17.7 percent compared to $22.3 million or $0.30 per share in the comparable quarter of 2009.
If you currently own shares of AMS and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.