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Cardiac Science Shareholder Investigation by Briscoe Law Firm Concerning the Merger with Opto Circuits (India) Limited

Date : 10/22/2010 @ 11:15AM
Source : Business Wire
Stock : Cardiac Science Corp (MM) (CSCX)
Quote : 2.32  0.0 (0.00%) @ 2:05AM
Cardiac Science Corp (MM) share price Chart

Cardiac Science Shareholder Investigation by Briscoe Law Firm Concerning the Merger with Opto Circuits (India) Limited

Cardiac Science Corp (MM) (NASDAQ:CSCX)
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The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Cardiac Science Corporation (“Cardiac Science” or “CSCX”) (NASDAQ: CSCX) related to the proposed acquisition of Cardiac Science by Opto Circuits (India) Limited.

The definitive merger agreement, which was announced on October 19, 2010, involves a transaction valued at approximately $55 million under which Cardiac Science shareholders will receive only $2.30 in cash for each share of Cardiac Science/CSCX common stock they hold. The transaction is structured to include an all-cash tender offer by a wholly owned subsidiary of Opto Circuits, followed by a second-step merger of the companies, to be completed in the fourth quarter of 2010.

At least one analyst has set a target price for Cardiac Stock at $6.00 per share, and Cardiac Stock traded as high as $2.48 per share in August 2010. Based on the lack of a premium to shareholders and other factors, the proposed transaction may undervalue Cardiac Science/CSCX shares and not be fair to Cardiac Science shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Cardiac Science for approving this transaction and whether Cardiac Science’s Board of Directors acted in the shareholders’ best interests.

If you currently own shares of Cardiac Science/CSCX and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.



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