Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Synovis Life Technologies, Inc. (“Synovis” or the “Company”) (Nasdaq: SYNO) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Baxter International Inc. (“Baxter”) in a transaction with an approximate equity value of $325 million or approximately $260 million after adjusting for the net cash.

Under the proposed agreement, Baxter will acquire all of Synovis’ outstanding shares for $28.00 per share in cash.

The investigation concerns whether Synovis’ board of directors adequately shopped the Company to obtain the best price possible for Synovis’ shareholders before entering into the agreement with Baxter. 

Indeed, as recent as August 24, 2011, Synovis reported its fiscal third quarter 2011 financial results wherein the Company announced a 19% revenue increase and a net income increase of 69%.  Richard Kramp, Synovis’ President and CEO commented: “Our strong portfolio of soft tissue repair products has proven again that it is a powerful generator of revenue growth and profitability[.]…For the 17^th consecutive quarter, in a challenging healthcare economic climate, we have posted double-digit sales gains and established a firm foundation for continued growth.  We are very pleased with the performance of our products in the large and competitive markets where we continue to build a favorable reputation.”

If you own the common stock of Synovis and purchased your shares before December 13, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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