ATS Medical, Inc. Under Investigation for Accepting the Medtronic Offer

If you currently hold shares of ATS Medical, Inc. (NASDAQ:ATSI), you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
ATS Medical
Affected Securities: 

Medtronic announced to take over ATS Medical for $4.00 per ATSI share an investigation on behalf of current investors in ATS Medical, Inc. (NASDAQ:ATSI) concerning shareholder claims over possible breaches of fiduciary duty was announced.

The investigation by law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of ATS Medical, Inc. (Public, NASDAQ:ATSI) arising out of their attempt to sell ATS Medical, Inc. (Public, NASDAQ:ATSI)) to Medtronic, Inc. ATS Medical, Inc., located in Minneapolis, MN, develops, manufactures and markets medical devices for the treatment of structural heart disease. ATS Medical, Inc. reported in 2007 Total Revenue of $49.59million, in 2008 $65.82million, and in 2009 $75.71million.

On Thursday, April 29, 2010 ATS Medical, Inc. (NASDAQ: ATSI) and Medtronic, Inc. (NYSE: MDT) announced that they have signed an agreement under which Medtronic will acquire ATS Medical by paying $4.00 per share in cash for each share of ATS Medical stock or a transaction value of approximately $370 million, which includes the purchase of ATS Medical stock and assumption of net debt.

Shares of ATS Medical, Inc. (ATSI) traded at $4.01 per share after the announcement, and at $2.64 per share days before the news, and at least one analyst set a price target for ATS Medical stock (ATSI) at $5.00 per share.

The investigation by a law firm “concerns whether the ATS Medical, Inc. Board of Directors breached their fiduciary duties to ATS Medical, Inc. (NASDAQ:ATSI) stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of ATS Medical, and whether Medtronic, Inc is underpaying for ATS Medical (ATSI), thus unlawfully harming ATS Medical, Inc. stockholders.”