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| Protecting the Rights of Shareholders and Consumers |
Candela Corporation Securities Litigation
Candela Corporation (NasdaqGS: CLZR) shareholder litigation over alleged unfair takeover
On September 9, 2009, Candela Corporation (“Candela” or the “Company”) announced that it agreed to sell the
Company to Syneron Medical Ltd. ("Syneron") (NasdaqGS: ELOS). Under the terms of the agreement, Candela shareholders will
receive 0.2911 shares of Syneron stock for each share of Candela common stock they own. Based on the previous day's closing
price of Syneron stock, the transaction values Candela shares at approximately $2.84 for a total transaction value of approximately
$65 million.
The investigation concerns whether the Candela Board of Directors breached their fiduciary duties to Candela shareholders given
that (i) the Company's shares traded at a 52-week high of $3.15; (ii) at least one analyst has set a $4.00 per share price target for
Candela stock; and (iii) the Company has a book value of more than $3.40 per share.
On September 9, 2009, Candela Corporation (“Candela” or the “Company”) announced that it agreed to sell the
Company to Syneron Medical Ltd. ("Syneron") (NasdaqGS: ELOS). Under the terms of the agreement, Candela shareholders will
receive 0.2911 shares of Syneron stock for each share of Candela common stock they own. Based on the previous day's closing
price of Syneron stock, the transaction values Candela shares at approximately $2.84 for a total transaction value of approximately
$65 million.
The investigation concerns whether the Candela Board of Directors breached their fiduciary duties to Candela shareholders given
that (i) the Company's shares traded at a 52-week high of $3.15; (ii) at least one analyst has set a $4.00 per share price target for
Candela stock; and (iii) the Company has a book value of more than $3.40 per share.
