Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Cephalon, Inc. (“Cephalon” or the “Company”) (NasdaqGS: CEPH) for potential breaches of fiduciary duties in connection with their duty to disclose material information in the Definitive Proxy Statement filed by the Company with the SEC on June 14, 2011. The Definitive Proxy Statement is seeking to get shareholders’ approval of the sale of the Company to Teva Pharmaceutical Industries Limited (“Teva”) (NasdaqGS: TEVA) pursuant to the merger agreement the companies entered into on May 1, 2011. In accordance with the terms of the agreement, Cephalon shareholders will receive $81.50 in cash for each share they own. According to Yahoo! Finance, at least one financial analyst values the Company’s stock at $82. The shareholders’ vote is scheduled to be held on July 14, 2011.
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Whether Cephalon’s Board of Directors breached their fiduciary duties to Cephalon’s stockholders by failing to disclose all material information in the Proxy Statement; whether it failed to maximize shareholder value and if so by how much the sale undervalues the Company to the detriment of Cephalon’s shareholders are the key focus of this investigation.
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