Faruqi & Faruqi, LLP Investigates Potential Breaches of Fiduciary Duties by the Board of Abraxis BioSciences, Inc. - ABII
13 7월 2010 - 6:27AM
Business Wire
Faruqi & Faruqi, LLP, a leading New York securities firm, is
investigating the Board of Directors of Abraxis BioSciences Inc.
(“Abraxis” or the “Company”) (NasdaqGS: ABII) for possible breaches
of fiduciary duty and other violations of state law in connection
with their attempt to sell the Company to Celgene Corporation
("Celgene") (NasdaqGS: CELG). Under the terms of the transaction,
Abraxis shareholders will only receive $58 in cash and 0.2617
shares of Celgene stock for each Abraxis share they own. The
transaction has an upfront value of $2.9 billion. Abraxis
shareholders will also receive one tradeable Contingent Value Right
(CVR), which entitles its holder to receive payments for future
regulatory milestones and commercial royalties. Based on the prior
closing price of Celgene shares, the transaction values Abraxis
stock at approximately $71.93 per share.
The investigation focuses on whether the sales process leading
up to the transaction was adequate and fair and whether the
transaction undervalues the Company to the detriment of Abraxis
shareholders. In particular, Abraxis earned $110.8 million in the
first three months of 2010, compared to $72.6 million in the first
three months of 2009. Furthermore, Abraxis’ drug, ABRAXANE®, is
expected to earn $1 billion by 2015 upon its approval to treat
other cancers. One analyst describes ABRAXANE® as an asset "with
significant unrealized upside opportunity."
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in Abraxis and wish to obtain additional
information, please visit us at www.faruqilaw.com/merger.php or
contact Juan E. Monteverde, Esq. either via email at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
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