NEW YORK, June 3, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Celator
Pharmaceuticals, Inc. ("CPXX" or the "Company") in connection with
the proposed acquisition of the Company by Jazz Pharmaceuticals plc
("Jazz"). On May 31, 2016, the
Company announced it had reached a definitive agreement for Jazz to
acquire all outstanding shares of CPXX pursuant to a tender offer
for $30.25 in cash for each share of
Company common stock.
WeissLaw is investigating whether CPXX's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company recently announced its financial results for
the first quarter of 2016. CPXX reported having cash and cash
equivalents of $67.5 million,
compared to $23.3 million as of
December 31, 2015. CPXX Chief
Executive Officer Scott Jackson
stated the "first quarter of 2016 was transformative for
Celator." Additionally, certain CPXX shareholders, including
the Company's executive officers and Board members, have agreed to
tender their shares in the transaction.
Given these facts, WeissLaw is investigating whether CPXX's
Board acted in the best interests of CPXX's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own CPXX shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/contact/report_fraud/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/celator-pharmaceuticals-inc-acquisition-may-not-be-in-the-best-interests-of-cpxx-shareholders-300279656.html
SOURCE WeissLaw LLP