Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Allos Therapeutics, Inc.
02 Mai 2012 - 12:57AM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today
announced that a class action has been commenced in the United
States District Court for the District of Colorado on behalf of all
persons who held shares of the common stock of Allos Therapeutics,
Inc. (“Allos”) (NASDAQ:ALTH) on April 5, 2012, against Allos, its
Board of Directors and Spectrum Pharmaceuticals, Inc. (“Spectrum”)
for breaches of fiduciary duty in connection with the proposed
acquisition of Allos by Spectrum (the “Proposed Acquisition”) and
for violations of Section 14(e) of the Securities Exchange Act of
1934 (“1934 Act”) in connection with the
Solicitation/Recommendation Statement on Schedule 14D-9 (“14D-9”)
filed with the SEC on April 13, 2012.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Darren Robbins of
Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
Allos is a biopharmaceutical company that engages in the
development and commercialization of anti-cancer therapeutics,
including FOLOTYN®, a folate inhibitor for the treatment of
patients with relapsed or refractory peripheral T-cell
lymphoma.
On April 5, 2012, Allos and Spectrum announced a definitive
merger agreement (the “Merger Agreement”) under which Allos would
be acquired by Spectrum via tender offer (the “Tender Offer”).
Under the terms of the Merger Agreement, upon successful completion
of the Tender Offer, Allos stockholders will receive $1.82 per
share in cash plus one Contingent Value Right, which would provide
Allos stockholders with an additional payment of $0.11 per share in
cash if certain European regulatory approval and commercialization
milestones for FOLOTYN® are achieved.
The complaint alleges that the defendants directly breached
their fiduciary duties or aided and abetted breaches of fiduciary
duties in connection with the Proposed Acquisition, which
significantly undervalues Allos and is the result of an unfair
sales process designed to ensure that only Spectrum has the
opportunity to acquire Allos. In addition, the complaint alleges
that the 14D-9 contains material omissions and/or misstatements in
contravention of §14(e) of the 1934 Act and/or defendants’
fiduciary duty of disclosure under state law, including material
omissions and/or misstatements concerning the sales process leading
up to the execution of the Merger Agreement, the Company’s value,
the analyses performed by the Company’s financial advisor, J.P.
Morgan Securities LLC, and the potential and/or actual conflicts of
interest faced by J.P. Morgan. Without this material information,
Allos shareholders are prevented from making a fully-informed
decision as to the adequacy of the Tender Offer and whether to
tender their shares.
Plaintiff seeks injunctive relief on behalf of all holders of
Allos common stock on April 5, 2012 (the “Class”). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting
investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller represents U.S. and international investors and
consumers in contingency based complex litigation. With nearly 200
attorneys in nine offices, the firm represents more institutional
investors and pension funds in securities and corporate litigation
than any other law firm in the world. Not only has the firm
obtained six of the largest recoveries in history, but the firm has
been ranked number one in the number of shareholder class action
recoveries in MSCI’s Top SCAS 50 every year since 2003. According
to Cornerstone Research, the firm’s recoveries have averaged 35%
above the median for all firms over the past seven years
(2005-2011). Please visit http://www.rgrdlaw.com for more
information.
Allos Therapeutics, Inc. (MM) (NASDAQ:ALTH)
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