The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Adolor Corporation
24 Octobre 2011 - 8:28PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Adolor Corporation (“Adolor” or
“ADLR”) (NASDAQ: ADLR) to Cubist Pharmaceuticals for ADLR
shareholders. Under the proposed buyout, Adolor shareholders will
receive only $4.25 in cash and one Contingent Payment Right of up
to $4.50 in additional compensation for each share of Adolor/ADLR
stock owned.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $415 million, net of Adolor’s
third quarter cash balance. The transaction is expected to be
completed in the fourth quarter of 2011.
“We are investigating the fairness of the proposed transaction
to Adolor shareholders, whether the shareholders are being
underpaid for their stock, and whether Adolor’s Board of Directors
acted in the shareholders’ best interest,” said shareholder rights
attorney Willie Briscoe. In particular, the amount of the
Contingent Payment Right payment to ADLR shareholders is dependent
upon certain regulatory approvals and “commercialization
milestones” being met for Adolor’s late-stage compound ADL5945.
However, at least one analyst has set a target price of $8.00 per
share for ADLR stock. “Based on these and other factors, we believe
that the transaction may undervalue Adolor stock,” said shareholder
rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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