The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of Adolor Corporation
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Adolor Corporation (“Adolor” or “ADLR”) (NASDAQ: ADLR) to Cubist Pharmaceuticals for ADLR shareholders. Under the proposed buyout, Adolor shareholders will receive only $4.25 in cash and one Contingent Payment Right of up to $4.50 in additional compensation for each share of Adolor/ADLR stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $415 million, net of Adolor’s third quarter cash balance. The transaction is expected to be completed in the fourth quarter of 2011.
“We are investigating the fairness of the proposed transaction to Adolor shareholders, whether the shareholders are being underpaid for their stock, and whether Adolor’s Board of Directors acted in the shareholders’ best interest,” said shareholder rights attorney Willie Briscoe. In particular, the amount of the Contingent Payment Right payment to ADLR shareholders is dependent upon certain regulatory approvals and “commercialization milestones” being met for Adolor’s late-stage compound ADL5945. However, at least one analyst has set a target price of $8.00 per share for ADLR stock. “Based on these and other factors, we believe that the transaction may undervalue Adolor stock,” said shareholder rights attorney Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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