An investor in NASDAQ:CYNO shares filed a lawsuit against the proposed buyout of Cynosure, Inc. by Hologic, Inc for $66.00 per share.
Investors who purchased shares of Cynosure, Inc. (NASDAQ:CYNO) and currently hold any of those NASDAQ:CYNO shares have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CYNO stockholders by agreeing to sell Cynosure, Inc. too cheaply via an unfair process to Hologic, Inc.
On February 14, 2017, Hologic, Inc. (Nasdaq: HOLX), a leader in women’s health, and Cynosure, Inc. (NASDAQ:CYNO) announced they have signed an agreement for Hologic to acquire all outstanding Cynosure, Inc. (NASDAQ:CYNO) shares for $66.00 per share in cash, which corresponds to an equity value of approximately $1.65 billion and an enterprise value of $1.44 billion net of cash.
However, plaintiff claims that the proposed consideration NASDAQ:CYNO shareholders will receive is grossly inadequate and undervalues Cynosure, Inc. Indeed, following the takeover announcement NASDAQ:CYNO shares rose in the open market to as high as $66.50 per share on February 15, 2017. Furthermore, Cynosure, Inc. reported that its annual Total Revenue rose from $226.01 million in 2013 to $433.53 million in 2016 and that its Net Loss of $1.65 million in 2013 turned into a Net Income fo $15.42 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:CYNO stockholders.
On March 10, 2017, NASDAQ:CYNO shares closed at $66.05 per share.
Those who are current investors in NASDAQ:CYNO shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
The post NASDAQ:CYNO Investor News: Lawsuit filed in effort to Halt the Buyout of Cynosure, Inc. appeared first on GroundReport.
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