NEW YORK, July 20, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Unilens Vision, Inc. ("UVIC" or the "Company") by Valeant Pharmaceuticals International, Inc. ("Valeant") 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 UVIC for agreeing to sell the Company to Valeant. On July 13, 2015, the Company announced it had reached a definitive agreement for Valeant to acquire UVIC in a transaction valued at approximately $28 million. Under the terms of the agreement, UVIC shareholders will receive $12.75 in cash for each UVIC share they own.
WeissLaw is investigating whether UVIC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. It reported total revenues of $2,214,037 in the third quarter of 2015, as compared to $2,118,392 in the same period of the previous year, representing a 4.5% increase year-over year. Additionally, UVIC also reported gross profit margins increased to 38.8% of product sales, compared with 37.4% in the third quarter of 2014.
Given these facts, WeissLaw is investigating whether UVIC's Board acted in the best interests of UVIC's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Valeant. If you own UVIC 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 firstname.lastname@example.org.
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@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP