Law Firm Brower Piven Announces Investigation Of MAP Pharmaceuticals, Inc.

The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of MAP Pharmaceuticals, Inc. (“MAP” or the “Company”) (Nasdaq: MAPP) and other violations of state law by the board of directors of MAP relating to the proposed acquisition of the Company by Allergan, Inc. (“Allergan”). The firm’s investigation seeks to determine, among other things, whether the board of directors of MAP breached their fiduciary duties by failing to maximize shareholder value.

Under the terms of the proposed transaction, MAP shareholders will receive $25.00 in cash for each share of common stock they own. The per share cash offer represents a total equity value of approximately $958 million, on a fully-diluted basis. MAP stock was set to run higher this quarter because of the almost certain FDA approval of the Company’s lead product Levadex – a drug for the acute treatment of migraine headaches. According to Bloomberg, one analyst referred to Allergan’s acquisition of MAP as a “bargain” since Levadex will strengthen Allergan’s portfolio by significantly adding to Allergan’s revenues and profits over the next few years.

If you currently own common stock of MAP and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Copyright Business Wire 2010

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