Published: March 09, 2010

Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Facet Biotech Corporation - FACT

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NEW YORK - (BUSINESS WIRE) - Levi & Korsinsky is investigating the Board of Directors of Facet Biotech Corporation ("Facet Biotech" or the "Company" ) (NasdaqGM: FACT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Abbott Laboratories ("Abbott") (NYSE: ABT). Under the terms of the proposed transaction, Facet Biotech shareholders will receive $27.00 in cash for each share of Facet Biotech they own. The total transaction value is approximately $722 million, less Facet Biotech's projected cash and marketable securities at closing, projected to be approximately $272 million.

The investigation concerns whether the Facet Biotech Board of Directors breached their fiduciary duties to Facet Biotech stockholders by failing to adequately shop the Company before entering into this transaction and whether Abbott is underpaying for Facet Biotech shares, thus unlawfully harming Facet Biotech stockholders.

If you own common stock in Facet Biotech and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/fact1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.