NEW YORK, Feb. 9, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of NitroMed ("NitroMed" or the "Company") (Nasdaq:NTMD) arising out of their attempt to sell the Company to Deerfield Capital. Under the terms of the agreement, shareholders of NitroMed will receive $0.80 for each share of NitroMed they own for a total transaction value of approximately $36 million. The transaction is unfair, given that, among other things, the Company's shares traded above $1.00 per share as recently as August 2008. Furthermore, NitroMed shareholders would receive substantially greater value if the Company simply completed the asset sale of its BiDil drug business and distributed the cash proceeds plus the Company's $17 million in cash to NitroMed shareholders as a dividend.
If you own common stock in NitroMed and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ntmd.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.