Robbins Umeda LLP Announces an Investigation of Human Genome Sciences, Inc.
17 Luglio 2012 - 6:22PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of Human
Genome Sciences (NASDAQ: HGSI) in connection with their efforts to
sell the company to GlaxoSmithKline plc (NYSE: GSK). Concerned
shareholders who would like more information about their rights and
potential remedies can contact attorney Gregory E. Del Gaizo at
(800) 350-6003, info@robbinsumeda.com, or via the shareholder
information form on the firm's website.
On July 16, 2012, Human Genome Sciences announced that it had
entered into a definitive merger agreement to be acquired by
GlaxoSmithKline. According to the terms of the deal,
GlaxoSmithKline will acquire all outstanding shares of the company
through an all-cash transaction. Pursuant to the agreement, Human
Genome Sciences shareholders will receive $14.25 in cash for each
share of the company they own.
Robbins Umeda LLP's investigation focuses on whether the Board
at Human Genome Sciences is undertaking a fair process to obtain
maximum value and adequately compensate shareholders in light of
the company's recent positive financial results. On April 24, 2012,
the company reported strong operating results for the first quarter
of fiscal year 2012. Human Genome Sciences reported revenue of
$47.1 million for quarter, a 77.1% increase over the $26.6 million
in net revenue reported during the same quarter of the previous
year. Additionally, Human Genome Sciences reported that net sales
of the new lupus drug BENLYSTA reached $31.2 million for the first
quarter of 2012, a 21.4% increase over the $25.7 million in net
sales reported in the first quarter of fiscal year 2011. In the
words of David P. Southwell, the Chief Financial Officer of Human
Genome Sciences, the company "continues to have a strong financial
position. BENLYSTA will continue to be our company's most important
driver of growth for the next several years."
Furthermore, several leading market analysts have released
target prices for Human Genome Sciences that value the company's
stock between $15.00 and $23.00 per share, considerably higher than
the value currently being offered by GlaxoSmithKline as part of the
proposed transaction. Given the company's impressive financial
results, recent target prices and the growing commercial success of
BENLYSTA, Robbins Umeda LLP is examining the board's decision to
sell Human Genome Sciences now at $14.25 per share rather than
allow shareholders to continue to participate in the company's
continued success and future growth prospects.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/human-genome-sciences-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Grafico Azioni Human Genome Sciences (NASDAQ:HGSI)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Human Genome Sciences (NASDAQ:HGSI)
Storico
Da Set 2023 a Set 2024
Notizie in Tempo Reale relative a Human Genome Sciences, Inc. (MM) (NASDAQ): 0 articoli recenti
Più Robbins Umeda LLP Articoli Notizie