Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Sepracor, Inc. -- SEPR
September 11 2009 - 3:36PM
Marketwired
Levi & Korsinsky announces that a class action lawsuit has been
filed in Delaware Chancery court challenging the proposed
acquisition of Sepracor, Inc. ("Sepracor" or the "Company")
(NASDAQ: SEPR). The complaint arises out of the announcement by
Sepracor stating that it had entered into a definitive merger
agreement with Dainippon Sumitomo Pharma Co. ("Dainippon"). Under
the terms of the agreement, Sepracor shareholders will receive
$23.00 in cash for each share of Sepracor they own for a total
transaction value of approximately $2.6 billion.
For fiscal year 2008, the Company reported revenues of $1.29
billion and net income of $515.1 million as compared to revenues of
$1.22 billion and net income of $58.3 million for 2007. The
complaint alleges that the Sepracor Board of Directors breached
their fiduciary duties to Sepracor shareholders because the merger
consideration is inadequate and because the Board agreed to
restrictive provisions including a strict no-solicitation provision
and a $77.4 million termination fee.
If you own common stock in Sepracor and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/sepr1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard
Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004
Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
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