Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Sepracor, Inc.
September 10 2009 - 12:37PM
Business Wire
Law Offices of Howard G. Smith announces that a stockholder
class action lawsuit has been filed in the Court of Chancery for
the State of Delaware on behalf of all public stockholders who own
shares of Sepracor, Inc. (“Sepracor” or the “Company”)
(Nasdaq:SEPR).
The Complaint alleges, among other things, that Sepracor and
certain of the Company’s directors breached their fiduciary duties
to Sepracor stockholders by agreeing to sell the Company to
Dainippon Sumitomo Pharma Co., Ltd. ("Dainippon") at an inadequate
and unfair price following a grossly unfair process. On September
3, 2009, Sepracor announced that it and Dainippon had entered into
a definitive agreement pursuant to which Dainippon will acquire
Sepracor for cash at a price of $23 per share through a cash tender
offer followed by a merger. The Complaint alleges that the $23 per
share price significantly undervalues Sepracor and, in entering
into the proposed merger, each of the defendants violated and
continues to violate applicable law by directly breaching and/or
aiding and abetting the remaining defendants' breaches of their
fiduciary duties.
If you own shares of Sepracor, Inc., 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 Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
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