Newman Ferrara LLP Announces Investigation of Conceptus, Inc.
NEW YORK--(BUSINESS WIRE)-- Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Conceptus, Inc. ("Conceptus") (NAS: CPTS) concerning the proposed sale of Conceptus to Bayer HealthCare LLC ("Bayer").
Conceptus announced that it has entered into a merger agreement to be acquired by Bayer in an all cash deal valued at approximately $1.1 billion. Under the terms of the agreement, Conceptus shareholders will receive $31.00 for each share of Conceptus stock owned.
On the same day that Conceptus announced the proposed sale, Conceptus reported a 22% increase in revenue for the first quarter of 2013 and reported net income for the first quarter of 2013 of $1.9 million, compared to the net loss of $2.8 million that Conceptus had reported for the first quarter of 2012. In the past year, Conceptus common stock has increased in value by over 74%.
Bayer is expected to commence a tender offer to acquire all outstanding shares of Conceptus common stock on or before May 10, 2013. Conceptus' Board of Directors has unanimously approved the proposed sale which is expected to close by the middle of 2013.
Newman Ferrara's investigation concerns whether Conceptus' Board of Directors has breached its fiduciary duties to act in the best interests of Conceptus shareholders and to take all necessary steps to ensure that Conceptus shareholders receive the maximum value readily available for their shares of Conceptus common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Newman Ferrara LLP
1250 Broadway, 27th Fl.
New York, NY 10001
Tel. (212) 619-5400
Newman Ferrara LLP
Roy Shimon, (212) 619-5400
KEYWORDS: United States North America New York
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