MILWAUKEE, March 18, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Palomar Medical Technologies, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Palomar to Cynosure, Inc.
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Palomar's long-term financial outlook is very positive and yet Palomar shareholders will receive only the equivalent of $13.65 per share when some analysts have put a price target on Palomar shares of $14.50. Cynosure is well aware of Palomar's improving financial metrics and is purchasing Palomar at a substantial discount. The merger agreement unreasonably limits prospective bids for Palomar by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Palomar receive and accept a superior bid. Palomar insiders, their affiliates and other majority shareholders own significant voting stock of Palomar, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Palomar not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Palomar's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Palomar given its current financial condition and prospects.
If you own common stock in Palomar and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/palomar-medical-technologies-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP