Pharmasset, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Pharmasset, Inc. Concerning the Sale of Pharmasset to Gilead Sciences, Inc.

DALLAS, Nov. 21, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Pharmasset, Inc. ("Pharmasset" or "VRUS") (NASDAQ: VRUS) to Gilead Sciences, Inc. for shareholders.  Under the proposed acquisition agreement, Pharmasset shareholders will only receive $137.00 in cash for each share of Pharmasset/VRUS stock owned.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

The definitive acquisition agreement involves an all cash transaction valued at approximately $11 billion. The transaction is expected to close in the first quarter of 2012.

The investigation centers on whether the transaction undervalues Pharmasset shares and whether Pharmasset's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. "Even though the acquisition value represents a premium over Pharmasset's closing price the day prior to the merger announcement, based on recent positive announcements regarding the company's developmental drugs and the increase in the value of VRUS shares in 2011 alone, we are concerned that the shareholders are not receiving adequate compensation for their shares in the buyout," said Willie Briscoe.  In particular, Pharmasset's share value increased over 220% in 2011, and as recently as November 14, 2011 Pharmasset reported positive news about the company's new clinical stage drug PSI-7977.

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP