Patient Safety Technologies receives securities class action lawsuit

Shareholders of a medical technology company recently urged a law office to file a securities class action lawsuit against the firm due to issues related to a purchase agreement.

Law firm Rigrodsky and Long, P.A., announced that it filed a lawsuit against Patient Safety Technologies, Inc., in the Delaware Court of Chancery. This was due to the company's board of directors agreeing to a transaction that would have it acquired by Stryker Corporation. The deal would be worth close to $120 million, but there may be issues related to securities law violations and breaches of fiduciary duty.

Any shareholders who acquired stock in Patient Safety Technologies before Dec. 31, 2013, are eligible to be a part of the class in this case. With the deal, stockholders would earn just $2.22 per share for each share of Patient Safety Technologies owned. The company's leaders may not have looked out for shareholders' best interests in the deal, which could have prevented them from getting the best deal.

For those who are interested in learning more about the lawsuit and how it could affect them, it is possible to speak with the law office. Both Seth Rigrodsky and Gina Serra are available to discuss these matters and can be reached by email or telephone. Shareholders also have the option to view more information on the law firm's website.

Second investigation underway
Another law office noted it will look into claims made by shareholders regarding the board of directors at Patient Safety Technologies, after they agreed to the deal with Stryker Corporation. This also has the potential to become a class action claim in the future.

Law firm Brodsky and Smith, LLC, noted that it is investigating the company for the transaction. This is because the aforementioned value for shareholders may be lower than what could be earned. Patient Safety Technology had a stock price that rose to as high as $2.26 per share on July 19, 2013, while it was also at $2.20 per share on Sept. 4, 2013.

It is also possible for shareholders to discuss matters with this law office, whether it be how they will be affected legally, as well as any other questions. Both Jason Brodsky and Evan Smith can be reached by telephone or email, while details of the investigation are available on the law office's website.