Somaxon Pharmaceuticals Investor Alert: Briscoe Law Firm And Powers Taylor, LLP Investigate Sale To Pernix Therapeutics

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Somaxon Pharmaceuticals, Inc. (“Somaxon”) (Nasdaq: SOMX) to Pernix Therapeutics Holdings, Inc. for shareholders. Under the terms of the proposed deal valued at approximately $25 million, Somaxon shareholders will receive Pernix common stock which will be based on the volume-weighted average price of Pernix's common stock over the 30 day period ending on the day immediately prior to the closing of the proposed merger in a price range of $6.00 to $9.00 per share.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Somaxon sale investigation centers on whether Somaxon’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Somaxon’s stock, and whether Somaxon’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Patrick Powers, “due to the fact that this is an all stock transaction and other factors, we believe that this transaction may undervalue Somaxon’s stock. Our lawsuit will seek to obtain the highest share price for all shareholders.”

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Copyright Business Wire 2010

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