Genoptix, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Novartis
24 Enero 2011 - 11:28AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor LLP are investigating potential legal claims against
the Board of Directors of Genoptix, Inc. (“Genoptix” or “GXDX”)
(NASDAQ: GXDX) related to the proposed buyout of Genoptix, Inc. by
Novartis. The investigation relates to the fairness of the proposed
transaction to Genoptix, Inc.’s shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Genoptix for approving this transaction, and whether
the company’s Board of Directors acted in the shareholders’ best
interests.
The definitive merger agreement involves a cash transaction
valued at approximately $470 million. Under the proposed
transaction, Genoptix shareholders will receive a cash payment of
$25.00 for each share of GXDX common stock they hold. However,
independent analysts have placed the stock’s value as high as
$28.00 per share. “Based on the lack of an appreciable premium to
shareholders, and other factors, we have concern whether the
proposed acquisition is fair to Genoptix shareholders, and we want
to ensure that the shareholders are receiving the maximum value for
their stock,” said shareholder rights attorney Willie Briscoe.
If you currently own shares of Genoptix/GXDX and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor LLP, toll free (877)
728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe
at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via
email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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