NEW YORK, Aug. 27, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Hi Tech Pharmacal Co. Inc. (NASDAQ: HITK) on behalf of shareholders. It was announced that Akorn Inc. will acquire Hi-Tech for $640 million, or $43.50 per share.
The investigation concerns whether the senior management and board of directors breached their fiduciary duties to shareholders by not engaging in a full and fair process to ensure shareholders received the maximum value for their shares. Indeed, the company has over $100 million in cash and virtually no debt which equals to approx. $7 per share in cash, which will go to Akorn to reduce the value of the price to only $36.50 per share to them. Further, senior management of Hi Tech entered into new lucrative employment agreements before agreeing to sell the company the Akorn.
If you are a shareholder of Hi Tech and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
SOURCE Tripp Levy PLLC