NEW YORK, Aug. 27, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Hi-Tech Pharmacal Co. ("Hi-Tech" or the "Company") (NASDAQ: HITK) concerning the proposed acquisition of the Company by Akorn Inc. ("Akorn") in a transaction valued at approximately $640 million.
On August 27, 2013, it was announced that Hi-Tech and Akorn have entered into a definitive agreement pursuant to which Akorn will acquire Hi-Tech. Under the agreement, Hi-Tech shareholders will receive $43.50 in cash per share held.
Our investigation concerns whether the Hi-Tech board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
If you own Hi-Tech shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Matthew M. Houston, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP