Robbins Umeda LLP Announces an Investigation of the Acquisition of Trubion Pharmaceuticals, Inc. by Emergent Biosolutions Inc.
12 Agosto 2010 - 10:05PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors of Trubion Pharmaceuticals, Inc.
("Trubion" or the "Company") (NASDAQ: TRBN) in connection with
their efforts to sell Trubion to Emergent Biosolutions Inc.
("Emergent") (NYSE: EBS). If the transaction is completed, Trubion
shareholders will receive $1.365 in cash and 0.1641 shares of
Emergent common stock for each share of Trubion they hold, for an
implied value of approximately $4.40 per share. Trubion
shareholders will also receive one Contingent Value Right per
share, which will entitle the holder to receive cash payments based
upon achievement of predefined milestones. The transaction is
expected to close in the fourth quarter of 2010.
Robbins Umeda LLP's investigation concerns whether the Board of
Directors of Trubion undertook a fair process to obtain fair
consideration for all shareholders of Trubion. Specifically, our
investigation concerns whether the Company's Board of Directors
breached their fiduciary duties to Trubion shareholders by failing
to adequately shop the Company before entering into the transaction
with Emergent. Notably, at least one analyst has set a price target
for Trubion of $7.00 per share, $2.60 higher than the implied value
of Emergent's offer. Additionally, even if Emergent hits all the
predefined milestones, the consideration is still below the analyst
target.
If you are a shareholder of Trubion, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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