BUYOUT - UNFAIR PRICE - SHAREHOLDER LAWSUIT TO GET HIGHER PRICE
NEW YORK--(BUSINESS WIRE)--
Tripp Levy PLLC a leading national securities law firm is investigating the Board of Directors of Somaxon Pharmaceuticals, Inc. (“Somaxon” or the “Company”) (SOMX) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Pernix Therapeutics Holdings, Inc. (NYSE MKT: PTX).
Under the terms of the transaction, Somaxon shareholders will receive an aggregate consideration equal to $25 million in Pernix common stock. The number of shares of Pernix stock issued will be based on the volume-weighted average price of Pernix’s common stock in the 30 day period prior to the merger’s closing, representing a value of between $6.00 and $9.00 per share. The investigation concerns whether the Somaxon Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this agreement with Pernix Therapeutics Holdings, Inc.
If you own common stock in Somaxon and wish to obtain additional information, please contact us toll free at 877-772-3975
As a person who bought at 1.50, sold at 2.89-3.00, this makes me to wonder. stock market is money game, full of people trying to move money out of other pockets to theirs. What makes reasonable saying it's unfair and not legit breaching buyout news? Since the stock market opens, this incident has never disappeared from stock market news headline. Take it as a part of game or blame yourself.
If you have been a long term shareholder and have had your wealth dimished, then get on board with the lawsuit. Pascoe and his friends (board of directors) have not done their fiduciary duties, and you got the raw deal. Contact the attorney and you have nothing to lose.