NEW YORK, July 22, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Thoratec Corporation ("THOR" or the "Company") by St. Jude Medical ("St. Jude") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of THOR for agreeing to sell the Company to St. Jude. On July 22, 2015, the Company announced it had reached a definitive agreement for St. Jude to acquire THOR in a transaction valued at approximately $3.4 billion. Under the terms of the agreement, THOR shareholders will receive $63.50 in cash for each THOR share they own. WeissLaw is investigating whether THOR's Board acted to maximize shareholder value prior to entering into the agreement.
The agreement comes on the heels of the Company's July 13, 2015, announcement that it received the CE mark approving the sale of its HeartMate PHP device in Europe and other international countries. The HeartMate PHP has a safety advantage over its competitor as reduces patients' risk of a stroke by one-third. THOR intends to release the device in Europe late this year.
Given these facts, WeissLaw is investigating whether THOR's Board acted in the best interests of THOR's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with St. Jude. If you own THOR shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP