This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Shareholder Rights Law Firm Johnson & Weaver, LLP, Is Investigating The Cornerstone Buyout

Shareholder rights law firm Johnson & Weaver, LLP is investigating potential breaches of fiduciary duty in connection with the proposed buyout of North Carolina-based Cornerstone Therapeutics Inc. (NASDAQ: CRTX) by Italian drugmaker Chiesi Farmaceutici S.p.A., Cornerstone's controlling shareholder since 2009.

Chiesi currently owns 58% of Cornerstone's common stock and in February of 2013 proposed to acquire the rest of Cornerstone's common stock. On September 16, 2013, the parties announced that they had entered into a definitive merger agreement, pursuant to which Chiesi plans to buy the remaining 42% of Cornerstone's outstanding common stock for $9.50 per share, which values the entire company at approximately $255 million.

Johnson & Weaver's investigation will determine whether the members of Astex's Board of Directors breached their fiduciary duties to stockholders by failing to maximize shareholder value with respect to the proposed buyout. Scott Holleman, an attorney at Johnson & Weaver, said, "Cornerstone is a great company, with tremendous upside. Chiesi knows this, which is why it wants to acquire the rest of the company at the lowest possible price.” Mr. Holleman added, "We have serious concerns over the functioning of the Board's special committee and whether the Board did what it could to get the best value for Cornerstone's stockholders."

If you are a Cornerstone shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Mr. Holleman at 917-325-3798 ( scotth@johnsonandweaver.com) or lead analyst Jim Baker ( jimb@johnsonandweaver.com) at 619-230-0063.

Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs