San Diego, CA -- (ReleaseWire) -- 03/26/2013 -- An investor in shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) filed a lawsuit to halt the takeover of Obagi Medical Products, Inc. by Valeant Pharmaceuticals International at $19.75 per NASDAQ:OMPI share.
Investors who purchased shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) prior to March 20, 2013, and currently hold any of those NASDAQ:OMPI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OMPI stockholders by agreeing to sell the company too cheaply via an unfair process to Valeant Pharmaceuticals International.
On Mar. 20, 2013, Obagi Medical Products, Inc announced that it entered into a merger agreement with Valeant Pharmaceuticals International, Inc under which Valeant Pharmaceuticals International, Inc will acquire all of the outstanding common stock of Obagi Medical Products, Inc. for $19.75 perNASDAQ:OMPI share in cash.
However, the plaintiff claims that the $19.75-offer is too low and undervalues the company. Indeed at least one analyst has set the high target price for NASDAQ:OMPI shares at $19.00 per share. Furhtermore, Obagi Medical Products’ financial performance improved lately. In fact, it reported that its annual Total Revenue rose form $112.76 million in 2010 to $114.11 million in 2011 and that its respective Net Income increasefr from $9.49 million to $10.02 million. Additionally, shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) grew at an exceptional growth rate. NASDAQ:OMPI shares grew from $4.05 per share in March 2009 to as high as $17.15 per share in July 2012.
Those who are current investors in Obagi Medical Products, Inc. (NASDAQ:OMPI), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego