The Ademi Firm is investigating LENSAR (NASDAQ: LNSR) for possible breaches of fiduciary duty and other violations of law in its transaction with Alcon.
In the transaction, LENSAR shareholders will receive only $14.00 per share in cash (an aggregate implied value of approximately $356 million*), with an additional non-tradeable contingent value right offering up to $2.75 per share in cash, conditioned on achievement of 614,000 cumulative procedures with LENSAR’s products between January 1, 2026, and December 31, 2027. LENSAR insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for LENSAR by imposing a significant penalty if LENSAR accepts a competing bid. We are investigating the conduct of the LENSAR board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.