The Briscoe Law Firm, PLLC & Cash Powers Taylor, LLP Announce Shareholder Investigation into the Acquisition of Micrus Endova...
July 13 2010 - 3:33PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Cash Powers Taylor, LLP
are investigating potential legal claims against the Board of
Directors of Micrus Endovascular Corporation (“Micrus”) (NASDAQ:
MEND) relating to the proposed acquisition by Johnson & Johnson
(NYSE: JNJ).
The agreement, which was announced on July 12, 2010, involves an
all-cash transaction valued at approximately $480 million under
which Micrus shareholders will receive $23.40 in cash for each
Micrus share of common stock they own. For the year ending March
31, 2010, Micrus reported total revenue of $91.090 million and net
income of $11.530 million, compared to total revenue and a net loss
of $78.196 million and $11.054 million, respectively, for the prior
year. As recently as February 19, 2010, Micrus shares trades at
$22.24, and at least one analyst set a price target for Micrus
stock at $25.00 per share. The investigation relates to possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of Micrus for approving this transaction,
whether the consideration to be received by Micrus shareholders is
fair, and whether Micrus’ Board of Directors acted in the
shareholders’ best interests.
If you currently own shares of Micrus and would like additional
information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please contact Patrick Powers at Cash Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@cptlawfirm.com, or The
Briscoe Law Firm at (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20
years of experience in complex litigation and transactional
matters.
Cash 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.
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