BALA CYNWYD, Pa., March 22, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Obagi Medical Products, Inc. ("Obagi" or the "Company") (Nasdaq- OMPI-News) relating to the proposed acquisition by Valeant Pharmaceuticals, Inc. ("Valeant").
Under the terms of the transaction, Obagi shareholders will receive only $19.75 in cash for each share of Obagi stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Obagi for not acting in the Company's shareholders' best interests in connection with the sale process to Valeant. The focus of the investigation is whether the Obagi Board of Directors breached their fiduciary duties by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction.
The transaction may undervalue Obagi as the Company has announced that net income grew to $7.3 million, or 41 cents per share, over the last three months of the year from $5.1 million, or 27 cents per share, a year ago. In addition, it has been reported that the Company plans to launch several new products and plans to expend its Asian business in 2013.
If you own shares of Obagi stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com visiting http://brodsky-smith.com/559-ompi-obagi-medical-products-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC