According to the Complaint, Invuity, Inc. ("Invuity" or the "Company") is a medical technology company focused on developing and marketing advanced surgical devices to improve the surgeon’s ability to perform minimal access surgery through smaller and hidden incisions.
On September 11, 2018, Invuity issued a press release announcing the Proposed Transaction, pursuant to which Stryker Corporation will acquire all of the outstanding shares of Invuity for $7.40 per share in cash, implying a total equity value of approximately $190 million.
On September 24, 2018, Defendants filed the Recommendation Statement with the SEC. The Recommendation Statement has been disseminated to the Company’s shareholders, and solicits the Company’s shareholders to tender their shares in the Tender Offer. The Complaint alleges that the Recommendation Statement misrepresents and/or omits material information that is necessary for the Company’s shareholders to make an informed decision concerning whether to tender their shares, in violation of Sections 14(e) and 20(a) of the Exchange Act.