NEW YORK, May 24, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Odyssey Healthcare Inc. ("Odyssey Healthcare" or the "Company") (Nasdaq:ODSY) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Gentiva Health Services, Inc. ("Gentiva") (Nasdaq:GTIV). Under the terms of the transaction, Odyssey Healthcare shareholders will receive $27.00 in cash for each Odyssey Healthcare share of common stock they own for a total transaction value of approximately $1.0 billion.
For the year ending December 31, 2009, Odyssey Healthcare reported total revenue of $686.438 million and net income of $40.591 million as compared to total revenue and net income of $616.050 million and $14.426 million, respectively, for the prior year. The investigation concerns whether the Odyssey Healthcare Board of Directors breached their fiduciary duties to Odyssey Healthcare stockholders by failing to adequately shop the Company before entering into this transaction and whether Gentiva is underpaying for Odyssey Healthcare shares, thus unlawfully harming Odyssey Healthcare stockholders.
If you own common stock in Odyssey Healthcare and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/odyssey-healthcare-odsy.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. (212) 363-7500 Fax: (212) 363-7171 www.zlk.com 30 Broad Street - 15th Floor New York, NY 10004