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