NEW YORK, Sept. 9, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Sepracor, Inc. ("Sepracor" or the "Company") (Nasdaq:SEPR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Dainippon Sumitomo Pharma Co. ("Dainippon "). Under the terms of the agreement, Sepracor shareholders will receive $23.00 in cash for each share of Sepracor they own for a total transaction value of approximately $2.6 billion.
For fiscal year 2008, the Company reported revenues of $1.29 billion and net income of $515.1 million as compared to revenues of $1.22 billion and net income of $58.3 million for 2007. The investigation concerns whether the merger consideration is adequate and whether the Sepracor Board of Directors breached their fiduciary duties to Sepracor shareholders by agreeing to a strict no-solicitation provision and a $77.4 million termination fee that will all but ensure that no superior proposal will ever be forthcoming.
If you own common stock in Sepracor and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/sepr1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.