Published:
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Indevus Pharmaceuticals Inc.
NEW YORK, Jan. 7, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Indevus Pharmaceutical Inc. ("Indevus" or the "Company") arising out of their attempt to sell the Company to Endo Pharmaceuticals Holdings, Inc. ("Endo"). Under the terms of the agreement, shareholders of Indevus will receive $4.50 cash for each share of Indevus they own. Indevus shareholders may also receive up to and additional $3.00 per share if certain regulatory and sales milestones are met over the next five years. The transaction is unfair, given that, among other things, the Company's shares traded above $6.50 during 2008 and the Company's recent stock price likely reflects recent turmoil in the financial markets. Also, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board agreed to a "no-solicitation" provision and a $20 million termination fee which will ensure no superior offer will ever be forthcoming. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Indevus and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/idev.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
(212) 363-7500
Fax: (212) 363-7171
www.zlk.com
39 Broadway, Suite 1601
New York, NY 10006
Tags: ,LegalServices,LAW,LEGAL,Law&, LegalIssues,NASDAQ01
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