Brower Piven Announces an Investigation of the Acquisition of Genoptix, Inc. by Novartis AG
24 Enero 2011 - 12:55PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Genoptix, Inc. (“Genoptix”)
(NASDAQ:GXDX) and other violations of state law by the Board of
Directors of Genoptix relating to the proposed acquisition of the
company by Novartis AG (“Novartis”). The firm’s investigation seeks
to determine whether Genoptix and its Board breached their
fiduciary duties by failing to maximize shareholder value.
On January 24, 2011, Genoptix announced that it had entered into
a definitive merger agreement to be acquired by Novartis in a
transaction valued at approximately $470 million. Under the terms
of the agreement, Novartis will commence an all cash tender offer
for all outstanding shares of common stock of Genoptix at $25.00
per share. Each of Genoptix’s directors and executive officers has
already agreed to tender their shares in the offer. Although
Novartis’s acquisition price represents a 39% premium over
Genoptix’s share value on December 13, 2010, when rumors of a sale
sparked a price surge, at least one securities analyst has set a
price target of $28.00 per share, and Genoptix stock traded as high
as $38.79 per share as recently as April 30, 2010.
If you currently own shares of Genoptix and would like to learn
more about the investigation being conducted by Brower Piven, you
may e-mail 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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