The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Genoptix, Inc. (“Genoptix”) (NASDAQ:GXDX) and other violations of state law by the Board of Directors of Genoptix relating to the proposed acquisition of the company by Novartis AG (“Novartis”). The firm’s investigation seeks to determine whether Genoptix and its Board breached their fiduciary duties by failing to maximize shareholder value.
On January 24, 2011, Genoptix announced that it had entered into a definitive merger agreement to be acquired by Novartis in a transaction valued at approximately $470 million. Under the terms of the agreement, Novartis will commence an all cash tender offer for all outstanding shares of common stock of Genoptix at $25.00 per share. Each of Genoptix’s directors and executive officers has already agreed to tender their shares in the offer. Although Novartis’s acquisition price represents a 39% premium over Genoptix’s share value on December 13, 2010, when rumors of a sale sparked a price surge, at least one securities analyst has set a price target of $28.00 per share, and Genoptix stock traded as high as $38.79 per share as recently as April 30, 2010.
If you currently own shares of Genoptix and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.