STEVENSON, Md., March 6, 2014 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the California Superior Court on behalf of all common stockholders of Patient Safety Technologies, Inc. ("PSTX" or the "Company") (Other OTC:PSTX) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to PSTX shareholders.
On December 31, 2013, the Company announced that it had entered into an agreement and plan of merger with Stryker Corporation ("Stryker"), pursuant to which Stryker will acquire PSTX in an all cash transaction for $2.22 per common share, with a total transaction value of approximately $120 million.
The claims asserted in the lawsuit concern whether the Board of Directors breached their fiduciary duties to stockholders by failing to maximize shareholder value before agreeing to enter into this transaction, and whether Stryker is underpaying for PSTX shares.
If you currently own common stock of PSTX and would like to learn more about the lawsuit, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. The senior attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 100 years.