HealthTronics Announces Agreement to Settle Lawsuits
June 21 2010 - 4:15PM
HealthTronics, Inc. (Nasdaq:HTRN), a leading provider of urological
products and services, today announced that the Company, the
members of the Board of Directors of the Company, Endo
Pharmaceuticals Holdings Inc., and HT Acquisition Corp.
(collectively referred to as the "defendants") entered into an
agreement with the parties to the purported shareholder class
action lawsuits filed against the defendants in connection with the
previously-announced business combination between the Company and
Endo Pharmaceuticals. The terms of the agreement provide for a
release and settlement by the purported class of Company
shareholders of all claims against the defendants in relation to
the previously-announced business combination, that the Company
would provide additional disclosures in its previously-filed
Schedule 14D-9, and that the defendants would not oppose
plaintiffs' counsel's application to the court for fees and
expenses in an amount not to exceed $292,500. The settlement
is conditioned on further definitive documentation, court approval,
dismissal of the actions with prejudice, satisfactory confirmatory
discovery by plaintiffs' counsel, and completion of the tender
offer and merger. If any of the conditions are not met, the
defendants will continue to vigorously defend against these
lawsuits. The Company believes that the lawsuits are without
merit and that it and the other defendants have valid defenses
against all the claims, but has agreed to settle the lawsuits in an
effort to minimize the cost and expense of litigating these
lawsuits.
About HealthTronics
HealthTronics, Inc. is a premier urology company providing an
exclusive suite of healthcare services and technology, including
urologist partnership opportunities, surgical and capital
equipment, maintenance services and anatomical pathology
services. The Company's product portfolio includes a full line
of urology equipment and products, including lithotripters,
cryoablation products used for the treatment of prostate cancer,
surgical lasers for treatment of BPH, and anatomical pathology
services. As a service provider, HealthTronics offers the
latest technology in lithotripsy services and prostate therapy
services, including BPH treatments and prostate cancer
treatments. For more information, visit
www.HealthTronics.com.
The HealthTronics, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5894
Forward Looking Statements
Cautionary Language: Statements made in this press release that
are not strictly historical, including statements regarding plans,
objectives and future financial performance, are "forward-looking"
statements. Although HealthTronics believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that the expectations will prove to be
correct. Factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include, among others, the risk that the tender offer
and the merger will not close; the risk that HealthTronics'
business will be adversely impacted during the pendency of the
tender offer and the merger; the risk that demand for and
acceptance of HealthTronics' products or services may be reduced;
the risk of changes in governmental regulations; the impact of
economic conditions; the impact of competition and pricing; and
other factors described from time to time in HealthTronics'
periodic and current reports filed with the Securities and Exchange
Commission. There can be no assurance that the tender offer
and merger will in fact be consummated. You should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this communication. Unless required by
law, HealthTronics undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional Information
Endo has filed a tender offer statement on Schedule TO with the
SEC. Investors and HealthTronics shareholders are strongly advised
to read the tender offer statement (including the offer to
purchase, letter of transmittal and related tender offer documents)
and the related solicitation/recommendation statement on Schedule
14D-9 that has been filed by HealthTronics with the SEC, because
they contain important information. These documents are available
at no charge on the SEC's website at www.sec.gov. A copy of the
solicitation/recommendation statement on Schedule 14D-9 may be
obtained free of charge from HealthTronics' website at
www.healthtronics.com or by directing a request to HealthTronics at
9825 Spectrum Drive, Building 3, Austin, Texas 78717, Attn:
Corporate Secretary. In addition, a copy of the offer to
purchase, letter of transmittal and certain other related tender
offer documents may be obtained free of charge from Endo's website
at www.endo.com or by directing a request to Endo at www.endo.com,
or Endo Pharmaceuticals, 100 Endo Boulevard, Chadds Ford, PA 19317,
Attn: Corporate Secretary's Office.
CONTACT: HealthTronics, Inc.
Richard A. Rusk, Chief Financial Officer
(512) 328-2892
Htetf (MM) (NASDAQ:HTRN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Htetf (MM) (NASDAQ:HTRN)
Historical Stock Chart
From Nov 2023 to Nov 2024