SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of PROLOR Biotech, Inc. in Connection with the Sale of the Company to OPKO Health, Inc.
NEW YORK, April 29, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of PROLOR Biotech, Inc. ("PROLOR" or the "Company") (NYSE MKT: PBTH) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to OPKO Health, Inc. ("OPKO") (NYSE: OPK).
Under the terms of the transaction, PROLOR shareholders may elect to receive 0.9951 shares of OPKO for each share of PROLOR they own, representing a value of approximately $7.025 per share. The transaction has a total approximate value of $480 million. The investigation concerns whether the PROLOR Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether OPKO is underpaying for PROLOR stock, thus unlawfully harming PROLOR stockholders. In particular, at least one analyst set a price target for PROLOR stock at $12.00 per share.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com