ZOLL Medical Corporation
Robbins Umeda LLP Announces an Investigation of ZOLL Medical Corporation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of ZOLL Medical Corporation (NASDAQ: ZOLL) in connection with their efforts to sell the company to Asahi Kasei 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 March 12, 2012, ZOLL announced that it had entered into a definitive merger agreement to be acquired by Asahi Kasei Corporation. According to the terms of the deal, Asahi Kasei Corporation, through a U.S. subsidiary, will make a cash tender offer to purchase all of the outstanding shares of ZOLL common stock for $93.00 per share. The tender offer is expected to commence within 10 business days and will remain open for a minimum of 20 business days. The transaction is expected to close in the second quarter of 2012.
Robbins Umeda LLP’s investigation focuses on whether ZOLL’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 January 19, 2012, ZOLL announced financial results for the first quarter of fiscal year 2012 that beat analyst expectations. The company reported diluted EPS of $0.29, a 61% increase compared to the prior year’s first quarter EPS of $0.18 and above analyst estimates of only $0.26. Additionally, ZOLL reported quarterly revenue of $133.75 million, an 18% increase compared to the prior year’s first quarterly revenue of $113.63 million and above analyst estimates of only $132.63 million.
Additionally, at least two market analysts have released target prices for ZOLL that value the company’s stock at $100.00 per share, significantly higher than the value being offered by Asahi Kasei Corporation as a part of the proposed transaction.
Robbins Umeda attorneys highlight that ZOLL shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
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.