NEW YORK, Jan. 21, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that it has filed a class action lawsuit alleging breaches of fiduciary duty and other violations of state law by the board of directors of Advanced Medical Optics, Inc. ("Advanced Medical" or the "Company") (NYSE:EYE) arising out of their attempt to sell the Company to Abbott Laboratories ("Abbott"). Under the terms of the agreement, shareholders of Advanced Medical will receive $22.00 cash for every share they hold of Advanced Medical, or $1.36 billion. The transaction appears to be unfair and undervalues the Company's shares given that Advanced Medical's shares traded as high as $23.31 per share as recently as September 2, 2008. Moreover, the present purported premium offer represents only a 2.5 multiplier from last year's sales, which is in line with multipliers on similar deals and therefore does not appear to represent any significant premium payable to Advanced Medical shareholders.
If you own common stock in Advanced Medical and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/eye.html
Levi & Korsinsky, LLP has extensive experience in prosecuting investor securities lawsuits and has an extensive practice in actions involving financial fraud. We represent investors throughout the nation, concentrating our practice in securities and shareholder litigation.