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BALA CYNWYD, Pa.,
Nov. 20, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of BioMimetic Therapeutics, Inc. ("BioMimetic" or the "Company") (Nasdaq- BMTI) relating to the proposed acquisition by Wright Medical Group, Inc. ("Wright").
Under the terms of the transaction, BioMimetic shareholders will receive only
$1.50 in cash, 0.2482 shares of Wright stock, and a tradable Contingent Value Right for each share of BioMimetic stock they own. The Contingent Value Right entitles its holder to receive a cash payment of up to
$6.50 payable upon receipt of FDA approval of Augment® Bone Graft and certain revenue milestones. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of BioMimetic for not acting in the Company's shareholders' best interests in connection with the sale process to Wright. The transaction may undervalue the Company and will not result in a substantial gain and may even cause a loss for many BioMimetic shareholders. For example BioMimetic stock traded at
April 7, 2011 and an analyst has placed a
$7.50 per share price target on BioMimetic stock.
If you own shares of BioMimetic stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact
Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602,
Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/509-bmti-biomimetic-therapeutics-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC