MURRAY FRANK LLP is investigating claims of breach of fiduciary duties by certain members of the board of directors of Pharmaceutical Product Development, Inc. (NYSE: PPDI) (“PPD” or the “Company”) in relation to the acquisition of the Company by private equity firms Carlyle Group (“Carlyle”) and Hellman & Friedman LLC (“Hellman & Friedman”). On October 3, 2011, PPD announced that the Company had entered into an Agreement and Plan of Merger with Carlyle and Hellman & Friedman pursuant to an all-cash transaction under which PPD stockholders will receive $33.25 in exchange for each share of PPD common stock, an aggregate value of approximately $3.9 billion. The investigation seeks to determine whether certain members of the board of directors breached their fiduciary duties in connection with their efforts to sell PPD to Carlyle and Hellman & Friedman at an inadequate price through an unfair process which significantly undervalues the Company. If you are a current investor in PPD, who purchased PPDI shares before October 3, 2011, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Bridget V. Hamill at (800) 497-8076 or (212) 682-1818, or by email at email@example.com.
Pharmaceutical Product Development (Nasdaq:PPDI) hit a new 52-week high Monday as it is currently trading at $33.12, above its previous 52-week high of $33.09 with 3.3 million shares traded as of four p.m. ET. Average volume has been 2.9 million shares over the past 30 days.