Corindus announced August 9 that it was set to be acquired by Siemens in an all-cash deal for $4.28 per CVRS share. The announcement prompted six lawsuits alleging that Corindus provided incomplete and misleading financial projections and omitted key inputs for the financial analysis performed by RBC Capital Markets.
Corindus, which denied the allegations outright, nevertheless said it would issue supplemental disclosures to provide the information, according to a regulatory filing.
“Corindus believes the claims asserted in these complaints are without merit and that no further disclosure is required to supplement the definitive proxy statement under applicable law; however, solely to eliminate the burden, expense, and uncertainties inherent in such litigation, and without admitting any liability or wrongdoing, Corindus has decided to moot the disclosure claims with certain supplemental disclosures to the definitive proxy statement,” the company said in the filing. “Nothing in these supplemental disclosures shall be deemed an admission of the legal necessity or materiality under applicable law of any of the disclosures set forth herein. To the contrary, the defendants specifically deny all allegations that any disclosure was or is required and deny that they have committed any violation of law.”
The Siemens Healthineers buyout is slated to close during the fourth quarter.