Kendall Law Group Investigates NBTY, Inc. Acquisition for Shareholders
15 Juillet 2010 - 9:39PM
Business Wire
Kendall Law Group, a national securities firm led by a former
federal judge and a former U.S. Attorney, is investigating NBTY,
Inc. (NYSE: NTY) for shareholders in connection with the proposed
acquisition by the Carlyle Group. The firm’s investigation seeks to
determine whether NBTY and its Board breached their fiduciary
duties by entering into the agreement without properly shopping for
a deal that would provide better value for shareholders. If you are
a NBTY shareholder and would like additional information about your
rights, contact the Kendall Law Group at 877-744-3728 or by email
at skendall@kendalllawgroup.com.
On July 15, 2010, NBTY and the Carlyle Group announced that they
had entered into a definitive agreement under which NBTY would be
acquired for $55 per share in cash in a deal valued at
approximately $3.8 billion. Although the price offered is
“approximately 57% over NBTY's average closing share price during
the 30 trading days ended July 14, 2010,” NBTY stock had traded for
as high as $50.51 per share in mid-April 2010. NBTY stock prices
fell dramatically in late April after NBTY disclosed an unexpected
rise in advertising costs and a slowdown of sales in its private
label business. A class action suit was filed following the drop in
value of NBTY stock, alleging that NBTY and its directors and
officers misled shareholders by releasing positive statements about
the company and its prospects despite the fact that there was a
“significant disruption in its private label business and a related
decrease in demand for its private label products” and that “the
Company’s advertising costs were escalating far in excess of the
Company’s internal forecasts.”
Kendall Law Group was founded by a former federal judge,
includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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