Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Pharmaceutical Product Development, Inc. ("PPD") (NASDAQ: PPDI) in connection with their efforts to sell the company to the Carlyle Group and Hellman & Friedman.
On October 3, 2011, PPD announced that it had entered into a definitive merger agreement pursuant to which affiliates of the Carlyle Group and Hellman & Friedman will acquire all outstanding shares of the company in an all cash transaction, after which PPD will become a privately held company. According to the terms of the deal, shareholders will receive $33.25 for each share of PPD they own. The transaction is expected to close in the fourth quarter of 2011.
Robbins Umeda LLP's investigation focuses on whether PPD's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company's recent positive financial results. On July 26, 2011, the company announced second quarter results for fiscal year 2011 that beat analyst expectations. PPD also reported diluted EPS of $0.41, a 127.7% increase compared to the $0.18 of EPS reported during the same period last year, and above analyst estimates of $0.38 of EPS. Further, PPD reported second quarter revenue for fiscal year 2011 of $407.70 million, 10.21% increase over the $369.92 million reported during the same period in the prior year and above analyst estimates of $370.89 million.
If you own stock in PPD and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on the firm's website.Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/goodrich-corporation/ Attorney Advertising.