Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of BioMimetic Therapeutics, Inc. (“BioMimetic”) (NasdaqGS: BMTI) to Wright Medical Group, Inc. for shareholders. Under the proposed deal valued at approximately $380 million, BioMimetic shareholders will only receive an initial payment of $1.50 in cash and 0.2482 shares of Wright common stock for each share of BioMimetic stock owned. Shareholders will also receive one tradable Contingent Value Right (“CVR”), which entitles the holder to receive additional cash payments of up to $6.50 per share upon certain milestones. Based upon the Friday’s closing, the upfront payment is valued at approximately $6.47, well below at least one analyst’s estimated value of $7.50 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The BioMimetic sale investigation centers on whether BioMimetic’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues BioMimetic’s stock, and whether BioMimetics’ board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to an analyst with Yahoo! Finance, the true inherent value of BioMimetic could be as high as $7.50 per share. Shareholder rights attorney Patrick Powers stated that “we believe that this transaction may undervalue BioMimetic’s stock. Thus, our proposed lawsuit will seek to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.