SOURCE: Brower Piven, A Professional Corporation

January 21, 2011 13:32 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Martek Biosciences Corp. by Royal DSM N.V.

STEVENSON, MD--(Marketwire - January 21, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Maryland Circuit Court, Howard County, on behalf of all shareholders of Martek Biosciences Corp. ("Martek") (NASDAQ: MATK). 

The claims asserted in the complaint arise from the proposed buyout of Martek by Koninklijke DSM N.V. ("Royal DSM"). On December 20, 2010, Martek entered into an agreement and plan of merger with Royal DSM and Greenback Acquisition Corporation, an indirect wholly-owned subsidiary of Royal DSM. Pursuant and subject to the terms of the merger agreement, Royal DSM has commenced a tender offer to acquire all of the outstanding shares of Martek's common stock for a purchase price of $31.50 per share in cash. The tender offer is scheduled to expire on February 18, 2011, unless the offer is extended.

The complaint alleges that Martek's directors breached their fiduciary duties in connection with the transaction by, among other things, carrying out a defective sale process that resulted in an unfair price to stockholders and agreeing to certain onerous and preclusive deal protection provisions.

If you are a current owner of shares of Martek, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, 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 class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact