Buyout Alert of Cornerstone Therapeutics - Law Firm Seeks Higher Price for Shareholders
NEW YORK, Sept. 16, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Cornerstone Therapeutics Inc. on behalf of shareholders. Chiesi Farmaceutici S.p.A. ("Chiesi"), and Cornerstone Therapeutics Inc. (NASDAQ: CRTX) ("Cornerstone"), announced that they have approved a definitive merger agreement under which Chiesi will acquire all of the outstanding common shares of Cornerstone for $9.50 per share in cash. Chiesi currently owns 58% of Cornerstone's outstanding common shares. In addition, Craig Collard, the CEO of Cornerstone and owner of 6% of its shares will vote in favor of the deal.
The investigation concerns whether Chiesi, Collard and the board of directors of Cornerstone have breached their fiduciary duties to shareholders by selling the remaining shares to Chiesi to better their self interests and not engaging a full and fair auction process so that shareholders could obtain the maximum value for their shares. Indeed, Cornerstone stock is valued as much as $14 per share by a wall street analyst.
If you own CRTX common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC
New York, New York
Toll Free: 1-877-772-3975
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC