Robbins Umeda LLP Announces an Investigation of SonoSite, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of state law by members of the board of directors of SonoSite, Inc. (NASDAQ: SONO) in connection with their efforts to sell the company to FUJIFILM Holdings Corporation. Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On December 15, 2011, SonoSite announced that it had entered into a definitive merger agreement pursuant to which Fujifilm will make an all-cash tender offer to acquire all outstanding shares of the company for $54 per share. The tender offer is scheduled to commence within 20 business days and will remain open for 21 U.S. business days after commencement. SonoSite’s board of directors has already unanimously approved the transaction.
Robbins Umeda LLP’s investigation focuses on whether SonoSite’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results. On October 25, 2011, the company reported better than expected financial results for that third-quarter of fiscal year 2011 that beat analyst projections. SonoSite reported earnings per share (EPS) of $0.05 for the quarter, beating analyst estimates of an EPS of only $0.048 for the same period.
Robbins Umeda is also investigating whether self-dealing and other employment guarantees played a part in the decision by the board to enter into the merger agreement. According to the press release issued on December 15, 2011, SonoSite’s existing management team will continue to manage the company after completion of the transaction.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.