Law Firm Brower Piven Announces Investigation of MAP Pharmaceuticals, Inc.
January 23 2013 - 12:57PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of MAP Pharmaceuticals,
Inc. (“MAP” or the “Company”) (Nasdaq: MAPP) and other violations
of state law by the board of directors of MAP relating to the
proposed acquisition of the Company by Allergan, Inc. (“Allergan”).
The firm’s investigation seeks to determine, among other things,
whether the board of directors of MAP breached their fiduciary
duties by failing to maximize shareholder value.
Under the terms of the proposed transaction, MAP shareholders
will receive $25.00 in cash for each share of common stock they
own. The per share cash offer represents a total equity value of
approximately $958 million, on a fully-diluted basis. MAP stock was
set to run higher this quarter because of the almost certain FDA
approval of the Company’s lead product Levadex – a drug for the
acute treatment of migraine headaches. According to Bloomberg, one
analyst referred to Allergan’s acquisition of MAP as a “bargain”
since Levadex will strengthen Allergan’s portfolio by significantly
adding to Allergan’s revenues and profits over the next few
years.
If you currently own common stock of MAP and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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