BOSTON, Nov. 8, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of DUSA Pharmaceuticals Inc. ("DUSA" or the "Company") (NASDAQ: DUSA) with regards to the proposed acquisition of the Company by Sun Pharmaceutical Industries Ltd. ("Sun") in a cash transaction announced November 8, 2012.
Under the terms of the agreement, Sun will acquire DUSA in a cash tender offer for approximately $8.00 per share. This transaction appears to be purposefully timed to take advantage of a brief drop in DUSA's share price and may deprive shareholders of the opportunity to receive an appropriate premium for their investment. Moreover, DUSA securities traded above $7 a share as recently as October 16, 2012 and the stock price had nearly doubled in the previous year. The thirty day premium is barely half of that claimed by the Company in this transaction. Indeed, the average analyst's target price for DUSA is $8.33 per share and some analysts have placed a price target for the stock as high as $9.50 a share, to which the offer price represents a negative premium of nearly 20%.
Block & Leviton's investigation seeks to determine, among other things, whether DUSA's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Sun, and the fairness of the process by which the DUSA Directors considered and approved the transaction.
If you are a DUSA shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP