Bernstein Liebhard LLP Announces Investigation of Acquisition of Abraxis Bioscience Inc. by Celgene Corp.
June 30, 2010
Bernstein Liebhard LLP is investigating whether the Board of Directors of Abraxis BioScience Inc. (“Abraxis” or the “Company”) (NASDAQ: ABII) breached its fiduciary duty to its shareholders in agreeing to sell Abraxis to Celgene Corp. (“Celgene”) (NASDAQ: CELG).
Under the terms of the agreement, Abraxis shareholders will receive 0.2617 shares of Celgene and $58 in cash for each share they own, placing the total value of the transaction at approximately $2.9 billion. The Company’s revenue from Abraxane, a breast cancer treatment, jumped 25% in the first quarter 2010, to $87.9 million. The investigation is focused on the potential unfairness of the price to Abraxis shareholders and the process by which the Abraxis Board of Directors considered and approved the transaction.
If you are interested in discussing your rights as an Abraxis shareholder and/or have information relating to the matter, please contact U. Seth Ottensoser at (877) 779-1414 or Ottensoser@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last seven years.