Aug. 27, 2013
/PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Hi Tech Pharmacal Co. Inc. (NASDAQ: HITK) on behalf of shareholders. It was announced that Akorn Inc. will acquire Hi-Tech for
The investigation concerns whether the senior management and board of directors breached their fiduciary duties to shareholders by not engaging in a full and fair process to ensure shareholders received the maximum value for their shares. Indeed, the company has over
in cash and virtually no debt which equals to approx.
per share in cash, which will go to Akorn to reduce the value of the price to only
per share to them. Further, senior management of Hi Tech entered into new lucrative employment agreements before agreeing to sell the company the Akorn.
If you are a shareholder of Hi Tech and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975 Email:
SOURCE Tripp Levy PLLC