MILWAUKEE, Feb. 14, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of LCA-Vision for possible breaches of fiduciary duty and other violations of state law in connection with the sale of LCA-Vision to PhotoMedex.
Click here to learn how to join the action: http://www.ademilaw.com/case/lca-vision or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
LCA-Vision shareholders will receive just $5.37 for each LCA-Vision share owned, which is substantially less than LCA-Vision's intrinsic and less than target prices set by some analysts. Clearly, PhotoMedex is purchasing LCA-Vision at a substantial discount. The purchase agreement unreasonably limits prospective competing bids for LCA-Vision by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should LCA-Vision receive and accept a superior bid. LCA-Vision insiders, their affiliates and other majority shareholders own significant voting units of LCA-Vision, and will receive benefits as part of change of control arrangements, and therefore can unduly influence a sale of LCA-Vision not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of LCA-Vision's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for LCA-Vision given its current financial condition and prospects.
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Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.com