Levi & Korsinsky LLP Investigates Board of Sepracor, Inc.
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NEW YORK, Sept. 9, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating
the Board of Directors of Sepracor, Inc. ("Sepracor" or the "Company")
(Nasdaq:SEPR) for possible breaches of fiduciary duty and other violations of
state law in connection with their attempt to sell the Company to Dainippon
Sumitomo Pharma Co. ("Dainippon "). Under the terms of the agreement, Sepracor
shareholders will receive $23.00 in cash for each share of Sepracor they own for
a total transaction value of approximately $2.6 billion.
For fiscal year 2008, the Company reported revenues of $1.29 billion and net
income of $515.1 million as compared to revenues of $1.22 billion and net income
of $58.3 million for 2007. The investigation concerns whether the merger
consideration is adequate and whether the Sepracor Board of Directors breached
their fiduciary duties to Sepracor shareholders by agreeing to a strict
no-solicitation provision and a $77.4 million termination fee that will all but
ensure that no superior proposal will ever be forthcoming.
If you own common stock in Sepracor and wish to obtain additional information,
please contact us at the number listed below or visit
http://www.zlk.com/sepr1.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.
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CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
(212) 363-7500
Fax: (212) 363-7171
www.zlk.com
30 Broad Street - 15th Floor
New York, NY 10004
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