Sepracor Merger Fight Now Goes Class Action (SEPR)
Yesterday we noted how some suit filing against Sepracor, Inc. (NASDAQ: SEPR) on behalf of specific investors were being filed in Delaware to block or demand more and better terms in the Dainippon Sumitomo Pharma Co., Ltd. acquisition. Well, now there has been at least one formal class action lawsuit filed on behalf of ALL Sepracor shareholders.
The notice today came from the Law Offices of Howard G. Smith, announcing that a stockholder class action lawsuit has been filed in the Court of Chancery for the State of Delaware on behalf of all public stockholders of Sepracor, Inc. An inquiry from someone involved in the case noted that this specific case was filed by Saxena White.
As with all of these, you know what the allegations are…. that Sepracor and certain of the Company’s directors breached their fiduciary duties to Sepracor stockholders by agreeing to sell the Company to Dainippon Sumitomo Pharma Co., Ltd. at an inadequate and unfair price following a grossly unfair process.
The Complaint alleges that “the $23 per share price significantly undervalues Sepracor and, in entering into the proposed merger, each of the defendants violated and continues to violate applicable law by directly breaching and/or aiding and abetting the remaining defendants’ breaches of their fiduciary duties.”
As far as what those valuations were, we ran these yesterday and the P/E was incredibly low.
JON C. OGG
