MEDTOX Scientific, Inc. Is Investigated by Faruqi & Faruqi, LLP for Potential Breaches of Fiduciary Duties by Its Board of Directors
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of MEDTOX Scientific, Inc. (“MEDTOX” or the “Company”) (NASDAQ: MTOX) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Laboratory Corporation of America® Holdings (NYSE: LH) in an all-cash deal valued at about $241 million. Under the terms of the proposed transaction, MEDTOX stockholders will receive $27.00 in cash for each share of MEDTOX common stock they own.
Whether the Board of Directors of MEDTOX breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues MEDTOX shares and by how much this proposed transaction undervalues the Company to the detriment of MEDTOX shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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