WILMINGTON, Del., Aug. 24, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Thoratec Corporation, (“Thoratec” or the “Company”) relating to the sale of the Company to St. Jude Medical (“St. Jude”). On July 22, 2015, Thoratec and St. Jude announced the signing of a definitive merger agreement pursuant to which St. Jude will acquire Thoratec in a merger worth $3.4 billion. As a result of the merger, Thoratec shareholders are only anticipated to receive $63.50 per share in cash in exchange for each share of Thoratec.
Andrews & Springer’s investigation focuses on the inadequate consideration and sales process leading up to the deal. While the Company claims that shareholders will receive a premium for their shares, the $63.50 per share consideration only represents a 10.3% premium based on the Company’s July 21, 2015 closing price of $57.58. Additionally, the process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. For example, Thoratec’s management will receive millions of dollars in change-of-control payments for currently unvested stock options, performance units and restricted shares upon consummation of the merger.
If you own shares of Thoratec and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/thoratec-class-action-investigation or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. email@example.com Call Toll Free: 1-800-423-6013
Source:Andrews & Springer LLC