Robbins Umeda LLP Announces an Investigation of the Acquisition of Micrus Endovascular Corporation by Johnson & Johnson
Monday, July 12, 2021 6:01 PM

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Jul. 12, 2010 (Business Wire) -- Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of Micrus Endovascular Corporation ("Micrus" or the "Company") (NASDAQ: MEND) in connection with their efforts to sell Micrus to Johnson & Johnson (NYSE: JNJ). If the transaction is completed, Micrus shareholders will receive $23.40 in cash for each share of Micrus stock they hold. The transaction is expected to close in the second half of 2010.

Robbins Umeda LLP's investigation concerns whether the Board of Directors of Micrus undertook a fair process to obtain fair consideration for all shareholders of Micrus. Notably, at least two analysts have price targets for Micrus set above the consideration being offered by Johnson & Johnson. Further, the consideration represents less than a 6% premium to the Company's stock price before the announcement of the proposed acquisition. The timing of the proposed acquisition is particularly troubling in light of the Company recently reporting total revenue of $25.6 million for its fiscal year ending on March 21, 2010, which beat consensus estimates of $23.1 million.

If you are a shareholder of Micrus, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com.

Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.

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(Source: Business Wire )
 

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