Hi-Tech Pharmacal Co., Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation of Acquisition by Akorn, Inc.
August 27, 2013
Bernstein Liebhard LLP is investigating whether the Board of Directors of Hi-Tech Pharmacal Co., Inc. (“Hi-Tech” or the “Company”) (NASDAQ: HITK) breached its fiduciary duty to its shareholders in agreeing to sell Hi-Tech to Akorn, Inc.
Under the terms of the agreement, Hi-Tech shareholders will receive $43.50 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Hi-Tech shareholders and the process by which the Hi-Tech Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.