MONSEY, N.Y., Feb. 09, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Cardiovascular Systems, Inc. (Nasdaq: CSII) (“CSII”) acted in the best interests of CSII shareholders in approving the sale of CSII to Abbott Laboratories (“Abbott”) for $20.00 per share in cash.
If you remain a CSII shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/cardiovascular-systems-inc/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 9, 2023, CSII announced that it had agreed to be acquired by Abbott for $20.00 per share in cash. The agreement has been approved by the CSII board of directors (“Board”).
“We are investigating whether CSII’s Board acted in the best interests of CSII shareholders in approving the sale,” explained Joshua Fruchter, one of the law firm’s name partners. “This includes whether the acquisition price adequately compensates CSII shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for CSII in the last 90 days published on Seeking Alpha, there is an average target price of $21.20 per share, and a high price target of $30.00 per share. Both are above the deal price, which suggests Wall Street analysts think the deal price is too low.
Additionally, the deal price is below the 52-week high of $23.34 per share at which CSII closed on April 1, 2022, which suggests that Abbott may be taking advantage of the temporary market downturn to acquire CSII at an unfair price.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
