Kirby McInerney LLP is investigating potential claims against the Board of Directors of Palomar Medical Technologies, Inc. (“Palomar” or the “Company”) (NASDAQ: PMTI) related to the proposed acquisition of the Company by Cynosure, Inc. (NASDAQ: CYNO) (“Cynosure”). Under the terms of the agreement, Cynosure will acquire PMTI in a cash and stock transaction pursuant to which shareholders will receive $6.825 per share in cash and $6.825 per share in Cynosure common stock, valuing the transaction at approximately $294 million.
The investigation concerns whether the Palomar Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed per-share consideration adequately values Palomar shares. The combined acquisition price of $13.65 represents a premium of only 23% above the average closing price of Palomar shares since February 7, 2013, when the Company announced its 2012 year-end results.
If you are a Palomar shareholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, by telephone at (212) 699-1145 or (888) 529-4787, or by filling out this contact form.
Kirby McInerney LLP is a New York-based law firm concentrating in securities, shareholder, whistleblower, antitrust and consumer litigation. For additional information, please go to www.kmllp.com