Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Par Pharmaceutical Companies, Inc.
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/parpharma/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of all persons who held shares of the common stock of Par Pharmaceutical Companies, Inc. (“Par Pharma”) (NYSE:PRX) as of August 2, 2012, against TPG Capital, L.P., Sky Growth Holding Corporation, and Sky Growth Acquisition Corporation (collectively, “TPG”), and Par Pharma and its Board of Directors (the “Board”) for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) in connection with the proposed sale of Par Pharma to TPG, pursuant to which Par Pharma shareholders will receive $50.00 in cash for each share of common stock they own.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Mark S. Reich of Robbins Geller at 631/367-7100, or via email at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/parpharma/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Par Pharma and its Board and TPG with violations of the 1934 Act. Par Pharma is a U.S.-based specialty pharmaceutical company that develops, manufactures and markets high-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals.
The complaint alleges that defendants failed to disclose material information in a proxy statement filed with the SEC and publicly disseminated in connection with the proposed sale of Par Pharma to TPG. According to the complaint, the proxy statement was materially false and misleading because it made numerous material omissions about the process leading up to the agreement between Par Pharma and TPG and the work performed by Par Pharma’s financial advisor, J.P. Morgan Securities LLC, which was retained by Par Pharma to evaluate the fairness of TPG’s offer.
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