Palomar Mecical Technologies, Inc. Merger Litigation (Nasdaq: PMTI)
Law Office of Brodsky & Smith, LLC Announces Investigation of Palomar Medical Technologies, Inc.
BALA CYNWYD, March 18, 2013/PR Newswire/ –Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Palomar Medical Technologies, Inc. (“Palomar Medical” or the “Company”) (Nasdaq- PMTI-News) relating to the proposed acquisition by Cynosure, Inc.
Under the terms of the transaction, Palomar Medical shareholders will receive only $6.8525 in cash and $6.825 in Cynosure common stock (subject to adjustment), for each share of Palomar Medical stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Palomar Medical for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company and will result in loss for many long term Palomar Medical shareholders. For example Palomar Medical stock traded at $14.18 as recently as May 31, 2011 and $16.01 on April 29, 2011. In addition, the price being offered is below an analyst price target of $14.50 per share for Palomar Medical stock.
If you own shares of Palomar Medical 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 email@example.com by calling toll free 877-LEGAL-90.
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