Key Developments For Candela Corporation
Candela Corporation (CLZR.O) (Nasdaq)
Candela Corporation Announces Shareholder Class Action On Behalf Of Investors In Candela Corporation
Holzer Holzer & Fistel, LLC announced a shareholder class action lawsuit has been filed against Candela Corporation and certain of its Directors alleging violations of state law in connection with the buyout of the Company by Syneron Medical Ltd. (Syneron). According to the complaint, the Company's shareholders will receive 0.2911 shares of Syneron in exchange for each of the Company share they own. The complaint alleges Company's Directors breached their fiduciary duty by approving the buyout for inadequate consideration. Further, the complaint alleges the Company's Directors breached their fiduciary duties by failing to employ an adequate process to evaluate the transaction.
Stull, Stull & Brody Announces Class Action On Behalf of Shareholders of Candela Corporation
Candela Corporation announced that Attorney Advertising Notice is hereby given that a class action has been commenced on behalf of shareholders of the Company for breaches of fiduciary duty and other violations of state law in connection with an agreement by the Company's Board of Directors to sell all of the Company's outstanding shares of common stock to Syneron Medical Ltd. (Syneron) in a transaction valued at approximately $65 million. Under the terms of the proposed transaction, shareholders of the Company will receive 0.2911 shares of Syneron ordinary shares for each share of the Company owned (the Exchange Ratio). Syneron will issue 6.7 million ordinary shares, valuing the Company at approximately $2.84 per share. The current investigation concerns the proposed Exchange Ratio offered to the Company shareholders and the process by which the Company's Board of Directors is addressing the proposed transaction. The transaction is expected to close by year end.
Syneron Medical Ltd. And Candela Corporation To Merge Creating A Global Aesthetic Device Company
Syneron Medical Ltd. and Candela Corporation announced that they have entered into a definitive agreement to combine the companies in an all stock transaction. This strategic combination, unanimously approved by the Boards of Directors of both companies. The transaction is expected to be completed by year-end 2009. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 ordinary shares of Syneron for each share of Candela common stock they own. Based upon the closing stock price of Syneron common stock on September 8, 2009, this represents $2.84 per share of consideration to be received by Candela shareholders, or a total consideration of approximately $65 million. The consideration represents a premium of approximately 51% to the closing stock price of Candela common stock on September 8, 2009. Syneron shareholders will retain their shares. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 shares of Syneron ordinary share for each share of Candela common stock they own. Syneron will issue 6.7 million shares to acquire Candela. Upon completion of the transaction, Syneron shareholders will own approximately 80% of the combined company and Candela shareholders will own approximately 20%.
Candela Corporation Announces Final Approval Of Settlement Of Shareholder Class Action and Derivative Lawsuits
Candela Corporation announced that the United States District Court for the District of Massachusetts granted final approval of the settlement of the previously disclosed consolidated shareholder class action lawsuit brought against the Company and certain of its current and former officers and directors. In addition, the Superior Court for Middlesex County, Massachusetts granted final approval of the settlement of the previously disclosed derivative lawsuit brought against certain of Candela's current and former officers and directors. Based on the final approval by both Courts and consistent with the terms of the respective settlement agreements, all claims against the Company and its current and former officers and directors have been dismissed with prejudice and without any admission of liability or wrongdoing.
Candela Corporation Studies Highlight New Method Of Treating Post-Operative Bruising
Candela Corporation announced that two studies have reported superior results on patients who benefited from the Candela Vbeam laser treatments for bruising resulting from cosmetic procedures. The studies concluded that the Vbeam pulsed-dye laser significantly expedited the healing process, improved outcomes, and provided greater overall patient satisfaction. The second study results showed that twenty-four hours post-treatment with the Vbeam laser, the average improvement was 62% and 13% for treated and untreated bruises, respectively.
