Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Gen-Probe Inc. (NASDAQ: GPRO) arising from its agreement for Gen-Probe to be acquired by Hologic, Inc. Under the proposed merger agreement, shareholders will receive $82.75 in cash per Gen-Probe share. The transaction is expected to close during the second half of 2012.
Weiss & Lurie is investigating whether Gen-Probe’s Board acted in the best interests of shareholders in approving this deal. As part of the deal, insiders have secured special benefits for themselves – for example, upon consummation of the deal, Carl Hull, Chairman and Chief Executive Officer of Gen-Probe, is expected to oversee the combined company’s diagnostics business.
Notably, year-over-year, for the last three years, Gen-Probe’s revenues have steadily grown. In fact, the Company recently reported that its first quarter 2012 revenues grew 7% from the same period in 2011 – from $143 million to $153.4 million. Since the beginning of the calendar year, Gen-Probe’s stock price has risen nearly 17% - from a closing price of $58.93 per share on January 3, 2012 to $68.71 on April 27, 2012. Indeed, the deal represents nearly a 5% discount from the stock’s 52-week high of $86.96 per share.
If you own Gen-Probe shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Michael A. Rogovin, Esq. either by telephone at (888) 593-4771 or by email at email@example.com.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.
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