NEW YORK, June 1, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of ev3, Inc. ("ev3" or the "Company") (Nasdaq:EVVV) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Covidien plc ("Covidien") (NYSE:COV). Under the terms of the transaction, ev3 shareholders will receive $22.50 in cash for each ev3 share of common stock they own for a total transaction value of approximately $2.6 billion.
For the year ending December 31, 2009, ev3 reported total revenue of $449.072 million and net income of $41.917 million as compared to total revenue and net loss of $422.128 million and $335.622 million, respectively, for the prior year. The investigation concerns whether the ev3 Board of Directors breached their fiduciary duties to ev3 stockholders by failing to adequately shop the Company before entering into this transaction and whether Covidien is underpaying for ev3 shares, thus unlawfully harming ev3 stockholders. In particular, at least one analyst set a price target for ev3 stock at $27.00 per share.
If you own common stock in ev3 and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/ev3-evvv.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.