NEW YORK, Sept. 10, 2015 (GLOBE NEWSWIRE) — Stull, Stull & Brody today announced that a complaint has been filed and that it has commenced an investigation relating to BioScrip, Inc.’s (“BioScrip” or the “Company”) (NASDAQ:BIOS) Dead Hand Proxy Put in the Company’s August 6, 2015, fourth amendment of a credit agreement dated July 31, 2013, for which SunTrust is the administrative agent (the “Credit Agreement”).
The Credit Agreement contains a Dead Hand Proxy Put which permits SunTrust to accelerate payment for all outstanding debt and unpaid interest if a majority of the Board is replaced as the result of a proxy contest initiated not on or on behalf of the Board. The purpose and effect of the Dead Hand Proxy Put is to deter proxy contests and entrench the incumbent Board. Stull, Stull & Brody is investigating whether the Dead Hand Proxy Put is a violation of fiduciary duties owed to BioScrip’s shareholders by its Board of Directors, and whether the Dead Hand Proxy Put should be enjoined.
If you hold BioScrip stock and have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at [email protected], by calling toll-free 1-800-337-4983 x147, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
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