Orthovita Shareholders Sue Over $316M Stryker Deal

Law360, New York (June 2, 2011, 4:55 PM EDT) -- A putative class of Orthovita Inc. shareholders sued the company's executives Wednesday in Pennsylvania federal court, marking the second suit designed to stop a proposed $316 million buyout by Stryker Corp.

The shareholders accuse Orthovita's board of directors of breaching their fiduciary duties by approving an inadequate consideration that was "the result of a flawed process tainted with conflicts."

The allegations echo those filed May 27 in Pennsylvania state court by another putative class of shareholders. Both groups have requested injunctions that would stop the proposed...
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