SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Palomar Medical Technologies Inc. In Connection With Sale Of Company To Cynosure Inc.
NEW YORK, March 20, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Palomar Medical Technologies Inc. ("Palomar" or the "Company") (NasdaqGS: PMTI) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cynosure Inc. (NasdaqGS: CYNO).
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Under the terms of the transaction, Palomar shareholders will receive $6.825 in cash and $6.825 in Cynosure common stock for each share of Palomar stock they own. The transaction has a total approximate value of $294 million. The investigation concerns whether the Palomar Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Cynosure Inc. is underpaying for Palomar shares, thus unlawfully harming Palomar stockholders. In particular, at least one analyst set a price target for Palomar stock at $14.50 per share.If you own common stock in Palomar and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/palomar-medical-pmti/ . Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com SOURCE Levi & Korsinsky, LLP
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