The Law Office of Vincent Wong Announces Investigation of Possible Breach of Fiduciary Duty by the Board of Trubion Pharmaceu...
16 Août 2010 - 5:08PM
Business Wire
The Law Office of Vincent Wong is investigating the board of
directors of Trubion Pharmaceuticals Inc. (NasdaqGM: TRBN) for
possible breaches of fiduciary duty and other violations of state
law regarding the sale of the company to Emergent BioSolutions Inc.
(NYSE: EBS). Under the terms of the deal, each share of Trubion
common stock will be converted into the right to receive $1.365 per
share in cash and 0.1641 shares of Emergent stock. Based on
Emergent's common stock price for the prior five days, the
transaction values Trubion stock at $4.55 per share and the
transaction at approximately $96.8 million. Trubion shareholders
will also receive one Contingent Value Right ("CVR") per share,
which will entitle the holder to receive cash payments based upon
the achievement of certain milestones. The total potential
aggregate value of the CVRs is $38.7 million over a three year
period.
The investigation concerns whether the Trubion Board of
Directors breached their fiduciary duties to Trubion stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Emergent is underpaying for Trubion shares.
At least one analyst set a price target for Trubion stock at $7.00
per share.
If you own common stock in Trubion and wish to obtain additional
information about this investigation and what is being done to
advance the shareholders’ interests, please contact Vincent Wong,
Esq. directly, via email at vw@wongesq.com, by telephone at
212.584.2740, or visit http://www.wongesq.com/trubion.html.
Vincent Wong, Esq. is an experienced attorney that has
represented investors in securities litigations involving financial
fraud and violations of shareholder rights.
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