SOURCE: Levi & Korsinsky, LLP

September 11, 2009 15:36 ET

Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Sepracor, Inc. -- SEPR

NEW YORK, NY--(Marketwire - September 11, 2009) - Levi & Korsinsky announces that a class action lawsuit has been filed in Delaware Chancery court challenging the proposed acquisition of Sepracor, Inc. ("Sepracor" or the "Company") (NASDAQ: SEPR). The complaint arises out of the announcement by Sepracor stating that it had entered into a definitive merger agreement with Dainippon Sumitomo Pharma Co. ("Dainippon"). Under the terms of the agreement, Sepracor shareholders will receive $23.00 in cash for each share of Sepracor they own for a total transaction value of approximately $2.6 billion.

For fiscal year 2008, the Company reported revenues of $1.29 billion and net income of $515.1 million as compared to revenues of $1.22 billion and net income of $58.3 million for 2007. The complaint alleges that the Sepracor Board of Directors breached their fiduciary duties to Sepracor shareholders because the merger consideration is inadequate and because the Board agreed to restrictive provisions including a strict no-solicitation provision and a $77.4 million termination fee.

If you own common stock in Sepracor and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/sepr1.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.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Fax: (212) 363-7171
    www.zlk.com