CPEX Pharmaceuticals, Inc. Merger Litigation (Nasdaq: CPEX)
Law Office of Brodsky & Smith, LLC Announces Investigation of CPEX Pharmaceuticals, Inc.
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of CPEX Pharmaceuticals, Inc. (“CPEX” or the “Company”) (Nasdaq: CPEX – News) relating to the proposed acquisition by FCB I Holdings Inc. (“FCB”), a newly formed company which is controlled by Footstar Corporation (“Footstar”) in a transaction valued at approximately $76 million.
Under the terms of the offer, CPEX shareholders would receive cash of $27.25 for each share of CPEX stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law. The transaction appears to be unfair, in part, given that CPEX stock was trading at its 52 week high, $29.47 a share, as recently as June 2010. Additionally, certain of CPEX’s directors and employees, who currently own an aggregate of approximately 19.6% of the outstanding CPEX shares, have agreed to vote their shares in favor of the transaction and recommend that all CPEX shareholders approve the transaction.
If you own shares of CPEX 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 firstname.lastname@example.org, or by calling toll free 877-LEGAL-90.
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