DALLAS, Dec. 13, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Synovis Life Technologies, Inc. ("Synovis" or "SYNO") (NASDAQ: SYNO) to Baxter International, Inc. for shareholders. Under the proposed acquisition, Synovis shareholders will receive only $28.00 in cash for each share of Synovis/SYNO stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction with an equity value of $325 million. The transaction is expected to close in the first quarter of 2012.
The investigation centers on whether Synovis shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Synovis' stock, and whether Synovis' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. More specifically, Synovis recently reported positive financial results for its third fiscal quarter, including a 19% increase in revenue and a 69% increase in net income. In addition, since early August 2011 alone, Synovis shares have increased in value over $5.10 per share. According to shareholder rights attorney Willie Briscoe, "Based on these and other factors, we are concerned that the transaction may significantly undervalue Synovis stock. Our lawsuit will seek to obtain the highest share price for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
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.
SOURCE Powers Taylor, LLP