Cardiac Science Shareholder Investigation by Briscoe Law Firm Concerning the Merger with Opto Circuits (India) Limited
October 22 2010 - 11:15AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Cardiac Science Corporation (“Cardiac Science” or “CSCX”)
(NASDAQ: CSCX) related to the proposed acquisition of Cardiac
Science by Opto Circuits (India) Limited.
The definitive merger agreement, which was announced on October
19, 2010, involves a transaction valued at approximately $55
million under which Cardiac Science shareholders will receive only
$2.30 in cash for each share of Cardiac Science/CSCX common stock
they hold. The transaction is structured to include an all-cash
tender offer by a wholly owned subsidiary of Opto Circuits,
followed by a second-step merger of the companies, to be completed
in the fourth quarter of 2010.
At least one analyst has set a target price for Cardiac Stock at
$6.00 per share, and Cardiac Stock traded as high as $2.48 per
share in August 2010. Based on the lack of a premium to
shareholders and other factors, the proposed transaction may
undervalue Cardiac Science/CSCX shares and not be fair to Cardiac
Science shareholders. The investigation relates to possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of Cardiac Science for approving this
transaction and whether Cardiac Science’s Board of Directors acted
in the shareholders’ best interests.
If you currently own shares of Cardiac Science/CSCX and would
like additional information regarding this investigation, or if you
have information regarding the allegations involving this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC, toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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