latest news releases from the newsroom
Pirate Capital LLC
Pirate Capital Files Class Action Lawsuit Against Aquila, Inc.
NORWALK, Conn., April 16, 2007 (PRIME NEWSWIRE) -- Pirate Capital LLC today filed a class action lawsuit against the Board of Directors of Aquila, Inc. ("Aquila"). Pirate alleges breaches of fiduciary duties related to the process and structure of the proposed transaction with Great Plains Energy, Inc. ("Great Plains"), as well as conflicts of interest. A copy of the complaint can be viewed at www.badaquiladeal.com. According to Pirate's presentation relating to the transaction, which is also available on the website, Great Plains "negotiated a sweetheart deal for control of Aquila." Pirate has asserted its adamant opposition to the deal with Great Plains since the deal was announced on February 7, 2007, and instead recommends that Aquila accept only the transaction with Black Hills Corporation and continue to operate as a stand-alone company. According to Pirate's presentation, Aquila "will be an investment grade, Missouri electric utility play with EBITDA growth rates in excess of 20.0% per year compared to the current junk-rated disparate mix of assets providing barely 10.0% annualized growth." Pirate values the company at $5.00-5.50 per share.
Acura Pharmaceuticals Inc.
Acura Pharmaceuticals, Inc. Announces Issuance of U.S. Patent for Deterring Abuse of Opioid Containing Dosage Forms
PALATINE, Ill., April 16, 2007 (PRIME NEWSWIRE) -- Acura Pharmaceuticals, Inc. (OTCBB:ACUR) today announced receipt from the United States Patent and Trademark Office (the "USPTO") of U.S. Patent No. 7,201,920 titled "Methods and Compositions for Deterring Abuse of Opioid Containing Dosage Forms". This issued patent was the subject of the USPTO's Notice of Allowance dated December 11, 2006 previously disclosed by the Company. The allowed patent claims encompass pharmaceutical compositions intended to reduce or discourage the three most common methods of prescription opioid analgesic product misuse and abuse (the Company's "Aversion(r) Technology") including; (i) intravenous injection of dissolved tablets or capsules; (ii) snorting of crushed tablets or capsules and; (iii) intentionally swallowing excess quantities of tablets or capsules. The opioid analgesics in the allowed patent claims include oxycodone, hydrocodone, hydromorphone, morphine, codeine, tramadol, propoxyphene and many others. At present, the Company retains ownership of all intellectual property and commercial rights to its Aversion(r) Technology and related product candidates.
Transmeridian Exploration, Inc.
Transmeridian Exploration Retains Financial Advisor for Strategic Review
HOUSTON, April 16, 2007 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY) today announced that it has retained Jefferies Randall & Dewey, a division of Jefferies & Company, Inc., as its financial advisor in connection with the company's previously announced review of strategic alternatives for its South Alibek field in Western Kazakhstan. The company has received a number of unsolicited preliminary expressions of interest from parties regarding a range of potential strategic transactions. The strategic alternatives being reviewed by Transmeridian Exploration include the sale of a partial or complete interest in the South Alibek field or a sale of the company in its entirety.