NEW YORK, Sept. 25, 2013 /PRNewswire/ -- Juan E.
Monteverde, a partner at Faruqi & Faruqi, LLP, a leading
national securities firm headquartered in New York City, is investigating the Board of
Directors of Hi-Tech Pharmacal Co., Inc. ("Hi-Tech" or the
"Company") (NasdaqGS: HITK) for potential breaches of fiduciary
duties in connection with their conduct related to the sale of the
Company to Akorn, Inc. (NasdaqGS: AKRX) in a deal valued at
$640 million. Under the terms
of the proposed transaction, Hi-Tech's stockholders will receive
$43.50 in cash for each share of
Hi-Tech common stock they own. However, Hi-Tech has reached
$44.30 in its 52-week high. On
September 24, 2013, Hi-Tech filed a
Preliminary Proxy Statement recommending that shareholders approve
the adoption of the Merger Agreement and approve the transactions
contemplated by the Merger Agreement.
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The investigation focuses on whether Hi-Tech's Board of
Directors breached their fiduciary duties to the Company's
stockholders by failing to conduct an adequate and fair sales
process prior to agreeing to this proposed transaction, whether and
by how much this proposed transaction undervalues the Company to
the detriment of Hi-Tech's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
victories on behalf of the firm's clients.
If you own common stock in Hi-Tech and wish to obtain additional
information and protect your investments free of charge, please
visit us at www.faruqilaw.com/HITK or contact Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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