An investigation on behalf of investors of Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) in connection with the proposed takeover was announced and NASDAQ:CRTX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/18/2013 -- An investigation on behalf of investors, who currently hold shares of Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) shares, was announced concerning whether the takeover of Cornerstone Therapeutics, Inc. by for $9.50 per NASDAQ:CRTX share is unfair to Cornerstone Therapeutics stockholders.
Investors who purchased shares of the Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) and currently hold any of those NASDAQ:CRTX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Cornerstone Therapeutics, Inc. breached their fiduciary duties owed NASDAQ:CRTX investors in connection with the proposed acquisition.
On Feb 20, 2013, Cornerstone Therapeutics Inc. announced that its Board of Directors has received a letter from its majority Stockholder Chiesi Farmaceutici SpA In that letter Chiesi Farmaceutici SpA, which owns approximately 60% of the outstanding shares of the Cornerstone Therapeutics Inc. (NASDAQ: CRTX) common stock, made a proposal, subject to certain conditions, to acquire the shares of Cornerstone Therapeutics Inc. (NASDAQ: CRTX) common stock that it does not already own for a cash purchase price of between $6.40 and $6.70 per share. Then on Sep 16, 2013, Chiesi Farmaceutici S.p.A. and Cornerstone Therapeutics Inc. announced that the special committee of the Cornerstone Therapeutics Inc Board of Directors, as well as the boards of directors of both companies, have approved a definitive merger agreement under which Chiesi Farmaceutici S.p.A. will acquire all of the outstanding common shares of Cornerstone Therapeutics Inc for $9.50 per share in cash.
However, given that Chiesi Farmaceutici S.p.A. currently owns 58% of Cornerstone Therapeutics' outstanding common shares, the investigation concerns whether the Cornerstone Therapeutics, Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Furthermore, given that at least one analyst has set the target price for NASDAQ:CRTX shares at $14.00, the investigation concerns whether the $9.50-offer is unfair to NASDAQ:CRTX stockholders. More specifically,
Cornerstone Therapeutics, Inc. reported that its annual Total revenue rose from $101.42 million in 2011 to $116.08 million in 2012. Shares of Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) reached $10.25 per share on June 6, 2013, respectively June 10, 2013.
On September 17, 2013, NASDAQ:CRTX shares closed at $9.40 per share.
Those who are current investors in Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) and purchased their Cornerstone Therapeutics shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com