Acquisition of Hi-Tech Pharmacal Co., Inc. (HITK) by Akorn, Inc. (AKRX) May Be Detrimental to the Interests of Hi-Tech Pharmacal Co., Inc. Shareholders Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Hi-Tech Pharmacal Co., Inc.
NEW YORK, Sept. 25, 2013 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Hi-Tech Pharmacal Co., Inc. ("Hi-Tech" or the "Company") (NasdaqGS: HITK) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Akorn, Inc. (NasdaqGS: AKRX) in a deal valued at $640 million. Under the terms of the proposed transaction, Hi-Tech's stockholders will receive $43.50 in cash for each share of Hi-Tech common stock they own. However, Hi-Tech has reached $44.30 in its 52-week high. On September 24, 2013, Hi-Tech filed a Preliminary Proxy Statement recommending that shareholders approve the adoption of the Merger Agreement and approve the transactions contemplated by the Merger Agreement.
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The investigation focuses on whether Hi-Tech's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Hi-Tech's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Hi-Tech and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/HITK or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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