The Spectranetics Company treats coronary and peripheral artery disease and provides lead management for the minimally invasive removal of implanted pacemakers and implantable cardioverter defibrillators.

According to the Complaint, on June 27, 2017, the Company announced that it had entered into a definitive agreement, by which Philips would commence Tender Offer to acquire all of the outstanding shares of Spectranetics common stock for $38.50 per share in cash.

In connection with the commencement of the Tender Offer, on July 12, 2017, the Company filed a Recommendation Statement on Schedule 14D-9 with the SEC. The Complaint alleges the Recommendation Statement is materially deficient and misleading because it fails to disclose material information about the background of the merger.

On August 16, 2017, this case was voluntarily dismissed.