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Obagi Medical Products, Inc. (NASDAQ:OMPI) Investor Files Lawsuit Against Takeover Attempt By Valeant Pharmaceuticals

  • If you purchased shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) prior to March 20, 2013, and currently hold any of those NASDAQ:OMPI shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Obagi Medical Products, Inc.
Security
NASDAQ: OMPI

Case Name
Obagi Medical Products Deal Case 03/25/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

Mar. 25, 2013 (Shareholders Foundation) - An investor in shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) filed a lawsuit to halt the takeover of Obagi Medical Products, Inc. by Valeant Pharmaceuticals International at $19.75 per NASDAQ:OMPI share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OMPI stockholders by agreeing to sell the company too cheaply via an unfair process to Valeant Pharmaceuticals International.

On Mar. 20, 2013, Obagi Medical Products, Inc announced that it entered into a merger agreement with Valeant Pharmaceuticals International, Inc under which Valeant Pharmaceuticals International, Inc will acquire all of the outstanding common stock of Obagi Medical Products, Inc. for $19.75 per NASDAQ:OMPI share in cash.

However, the plaintiff claims that the $19.75-offer is too low and undervalues the company. Indeed at least one analyst has set the high target price for NASDAQ:OMPI shares at $19.00 per share. Furhtermore, Obagi Medical Products’ financial performance improved lately. In fact, it reported that its annual Total Revenue rose form $112.76 million in 2010 to $114.11 million in 2011 and that its respective Net Income increasefr from $9.49 million to $10.02 million. Additionally, shares of Obagi Medical Products, Inc. (NASDAQ:OMPI) grew at an exceptional growth rate. NASDAQ:OMPI shares grew from $4.05 per share in March 2009 to as high as $17.15 per share in July 2012.