From the Wires
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Life Sciences Research, Inc. - LSR
By: Marketwired .
Jul. 10, 2009 01:17 PM
NEW YORK, NY -- (Marketwire) -- 07/10/09 -- Levi & Korsinsky announces that a class action lawsuit has been filed in the Superior Court of the State of New Jersey challenging the proposed acquisition of Life Sciences Research, Inc. ("Life Sciences" or the "Company") (NYSE: LSR).
The Complaint arises out of the announcement by Life Sciences to sell the Company to Lion Holdings, Inc., an entity that is controlled by Andrew Baker, Chairman and CEO of Life Sciences. Under the terms of the agreement, Life Sciences shareholders will receive $8.50 in cash for each share of Life Sciences they own, or a total transaction value of approximately $113 million. This raises questions as to whether the Life Sciences Board of Directors breached their fiduciary duties to shareholders given that: (i) the Company's shares traded at $9.83 as recently as January 5, 2009 and over $32 per share in the fourth quarter of 2008; (ii) at least one analyst set a price target for Life Sciences stock at $20 per share; and (iii) the Company agreed to a non-solicitation provision and a termination fee of up to $4,460,000 that will all but ensure that no superior offer will ever be forthcoming.
The Company expects to consummate the transaction in the fourth quarter, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.
If you own common stock in Life Sciences and wish to obtain additional information, please contact us at the number listed below or visit www.zlk.com/lsr1.html
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
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