NEW YORK, March 12, 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 CV Therapeutics, Inc. ("CV Therapeutics" or the "Company") (Nasdaq:CVTX) arising out of their attempt to sell the Company to Gilead Sciences Inc. Under the terms of the agreement, shareholders of CV Therapeutics will receive $20.00 cash for every share they hold for a total transaction value of approximately $1.4 billion. The transaction appears to be unfair and undervalues the Company's shares given the Company's record revenues for 2008 and bright prospects as a standalone entity. Specifically, Dr. Louis Lange, the Chief Executive Officer of the Company recently said that "2008 was an exceptional year for CV Therapeutics and its shareholders, as we received three major regulatory approvals, retired more than $100 million in debt, completed two major strategic transactions bringing in more than $250 million in non-dilutive net cash, grew our Ranexa business by 64 percent year-over-year, and saw our share price outperform the NASDAQ by more than 40 percent." Dr. Lange also said that the "Company expect(s) 2009 to be another outstanding year, highlighted by increasing revenues and pipeline advancement, for example with CVT-3619." Under the terms of the proposed transaction, however, CV Therapeutics shareholders will not participate in the Company's bright future. Also, on the first trading day after the announcement, CVTX shares traded in excess of the $20 per share transaction price indicating that shareholders believe that the Company's true value is higher.
If you own common stock in CV Therapeutics and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/cvtx.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.