Faruqi & Faruqi, LLP is Investigating Palomar Medical Technologies Inc. (PMTI) for Potential Breaches of Fiduciary Duties
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Palomar Medical Technologies Inc. ("Palomar" or the "Company") (NasdaqGS: PMTI) for potential breaches of fiduciary duty to disclose material information in the Preliminary Proxy Statement Schedule 14A (the "Proxy") filed with the S.E.C. on April 4, 2013, which may impair shareholders' ability to adequately value stock price in relation to the sale of the Company to Cynosure, Inc. (NasdaqGS: CYNO) in a deal valued at $294 million. The price per share offered to Palomar's shareholders is also under investigation, as under the terms of the proposed transaction, Palomar's stockholders will receive $6.825 in cash and $6.825 in Cynosure common stock for each share of Palomar common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $14.50 for Palomar.
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The investigation focuses on whether Palomar's Board of Directors breached their fiduciary duties to Palomar's stockholders by failing to disclose all material information in the Proxy, whether the Board failed to maximize shareholder value and if so, by how much the sale undervalues the Company to the detriment of Palomar's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Palomar and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PMTI or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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