Law Office of Brodsky & Smith, LLC Announces Investigation of
Somaxon Pharmaceuticals, Inc.
BALA CYNWYD, Pa., Dec. 13, 2012 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of Somaxon
Pharmaceuticals, Inc. ("Somaxon" or the "Company") (Nasdaq- SOMX)
relating to the proposed acquisition by Pernix Therapeutics
Holdings, Inc. ("Pernix").
Under the terms of the transaction, Somaxon shareholders will
receive only $25 million in Pernix
common stock. The number of Pernix stock issued will be based on
the volume-weighted average price of Pernix's common stock in the
30 day period prior to the merger closing, representing a value of
between $6.00 and $9.00 per Somaxon
share. The investigation concerns possible breaches of fiduciary
duty and other violations of state law by the Board of Directors of
Somaxon for not acting in the Company's shareholders' best
interests in connection with the sale process to Pernix.
The transaction may undervalue the Company and will result in a
loss for many shareholders. For example Somaxon stock traded at
$27.28 as recently as January 6, 2011. In addition, in the 12 months
ended September 30, 2012, Somaxon had
net sales related to Silenor, a drug approved to treat insomnia, of
approximately $11.7 million.
Silenor has potential to produce additional revenue as an
over-the-counter product in the future.
If you own shares of Somaxon stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L.
Brodsky, Esquire or Evan J. Smith,
Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by
e-mail at investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/518-somx-somaxon-pharmaceuticals-inc.html,
by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC