Rigrodsky & Long, P.A. Announces Investigation of Adolor Corporation
October 24 2011 - 2:07PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Adolor
Corporation (“Adolor” or the “Company”) (Nasdaq: ADLR) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s entry into an agreement to be acquired by
Cubist Pharmaceuticals, Inc. (“Cubist”) in a transaction with an
approximate value up to $415 million.
Click here to learn more and to discuss your shareholder rights:
http://investigations.rigrodskylong.com/adolorcorporation-adlr/.
Under the proposed agreement, Cubist will acquire all of the
outstanding shares of Adolor for $4.25 per share in cash, or
approximately $190 million on a fully-diluted basis, net of
Adolor’s third quarter 2011 cash balance. In addition to the
upfront cash payment, each Adolor stockholder will receive one
Contingent Payment Right (“CPR”), entitling the holder to receive
additional cash payments of up to $4.50 for each share they own if
certain regulatory approvals and/or commercialization milestones
for ADL5945 are achieved. The total transaction is valued at up to
$415 million, net of Adolor’s third quarter 2011 cash balance.
Under the proposed agreement, Cubist will commence a tender offer
to purchase all of the outstanding shares of Adolor for the upfront
cash payment and a CPR.
The investigation concerns whether Adolor’s board of directors
adequately shopped the Company to obtain the best price possible
for Adolor’s shareholders before entering into the agreement with
Cubist. Indeed, according to Yahoo! Finance, at least one analyst
has set an $8.00 per share stock price for Adolor stock.
If you own the common stock of Adolor and purchased your shares
before October 24, 2011, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware 19801, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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