The Law Office of Joseph Klein, Esq. is investigating the Board of Directors of Abraxis BioSciences Inc. (“Abraxis” or the “Company”) (NasdaqGS: ABII) for possible breaches of fiduciary duty and other violations of state law in connection with the Board’s attempt to sell the Company to Celgene Corporation ("Celgene") (NasdaqGS: CELG) for $58 in cash and 0.2617 shares of Celgene stock for each Abraxis share owned by shareholders. The proposed transaction values Abraxis stock at approximately $71.93 per share for a total transaction value of approximately $2.9 billion, net of cash. Each Abraxis shareholder will also receive one tradable contingent value right for each share that entitles its holder to receive payments for future regulatory milestones and commercial royalties.
The investigation focuses on whether Abraxis’ Board breached its fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Celgene is underpaying for Abraxis shares, thus unlawfully harming Abraxis’ stockholders.
If you own common stock in Abraxis and wish to obtain additional information, please contact Joseph Klein, Esq. via email at
, by telephone at (718) 947-0005 or visit
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation.