SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Avanir Pharmaceuticals, Inc. And Encourag...
December 03 2014 - 8:35PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Avanir Pharmaceuticals, Inc.
(“Avanir” or the “Company”) (Nasdaq: AVNR) relating to the proposed
buyout of the Company by Otsuka Pharmaceutical Co., Ltd.
(“Otsuka”).
On December 2, 2014, Avanir and Otsuka announced the signing of
a definitive merger agreement pursuant to which Otsuka will acquire
Avanir in a transaction valued at approximately $3.5 billion. Under
the terms of the transaction, Avanir shareholders are anticipated
to receive $17.00 in cash for each share of Avanir common stock
they own. The transaction is expected to close in the first quarter
of 2015, though Avanir shareholders will most likely be asked to
vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock. In particular, according to Yahoo! Finance, at least one
Wall Street analyst has issued a price target for Avanir stock at
$21.00 per share.
If you currently own common stock of Avanir and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com