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Harwood Feffer LLP (
www.hfesq.com) is investigating potential claims against the board of directors of Adolor Corp. ("Adolor" or the "Company") (NASDAQ: ADLR) concerning the proposed acquisition of the Company by Cubist Pharmaceuticals, Inc. (“Cubist”).
On October 24, 2011, Adolor and Cubist announced they had entered into a definitive agreement pursuant to which Cubist will acquire Adolor. Under the terms of the agreement, Cubist will acquire all outstanding shares of Adolor for $4.25 per share in cash. In addition to the cash payment Adolor shareholders would receive one Contingent Payment Right (“CPR”) entitling the holder to receive additional cash payments of up to $4.50 for each share owned if certain benchmarks are achieved. Under the agreement, Cubist will commence a tender offer to purchase all outstanding shares of Adolor for the upfront cash payment and CPR. According to Yahoo Finance, the median analyst target price for Adolor shares is $6.25 per share. At least one analyst has set a target price of $8.00 per share.
Our investigation concerns whether the board of directors has breached its fiduciary duties by failing to adequately shop the Company and whether the board undertook a fair process and obtained fair consideration for Adolor stockholders.
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (
http://www.hfesq.com) for more information about the firm.
If you own Adolor shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: