The Law Firm of Weiss & Lurie Investigates Gen-Probe Inc.
April 30 2012 - 5:34PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Gen-Probe Inc.
(NASDAQ: GPRO) arising from its agreement for Gen-Probe to be
acquired by Hologic, Inc. Under the proposed merger agreement,
shareholders will receive $82.75 in cash per Gen-Probe share. The
transaction is expected to close during the second half of
2012.
Weiss & Lurie is investigating whether Gen-Probe’s Board
acted in the best interests of shareholders in approving this deal.
As part of the deal, insiders have secured special benefits for
themselves – for example, upon consummation of the deal, Carl Hull,
Chairman and Chief Executive Officer of Gen-Probe, is expected to
oversee the combined company’s diagnostics business.
Notably, year-over-year, for the last three years, Gen-Probe’s
revenues have steadily grown. In fact, the Company recently
reported that its first quarter 2012 revenues grew 7% from the same
period in 2011 – from $143 million to $153.4 million. Since the
beginning of the calendar year, Gen-Probe’s stock price has risen
nearly 17% - from a closing price of $58.93 per share on January 3,
2012 to $68.71 on April 27, 2012. Indeed, the deal represents
nearly a 5% discount from the stock’s 52-week high of $86.96 per
share.
If you own Gen-Probe shares and would like more information
about your rights as a shareholder or additional information
concerning our investigation, please contact Michael A. Rogovin,
Esq. either by telephone at (888) 593-4771 or by email at
info@weisslurie.com.
Weiss & Lurie has litigated hundreds of stockholder class
and derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
institutions and individuals and obtained important corporate
governance in these cases. If you have information or would like
legal advice concerning possible corporate wrongdoing, consumer
fraud, or anti-trust violations, please email us at
info@weisslurie.com or fill out the form on our website,
http://www.weisslurie.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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