An investigation on behalf of investors of Hi-Tech Pharmacal Co. (NASDAQ:HITK) in connection with the proposed takeover was announced and NASDAQ:HITK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/03/2013 -- An investigation on behalf of investors, who currently hold shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) shares, was announced concerning whether the takeover of Hi-Tech Pharmacal Co. by Akorn, Inc.for $43.50 per NASDAQ:HITK share is unfair to Hi-Tech Pharmacal stockholders.
Investors who purchased shares of the Hi-Tech Pharmacal Co. (NASDAQ:HITK) and currently hold any of those NASDAQ:HITK shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Hi-Tech Pharmacal breached their fiduciary duties owed NASDAQ:HITK investors in connection with the proposed acquisition.
On August 27, 2013, Akorn, Inc. (NASDAQ: AKRX) and Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) announced that they have entered into an agreement under which Akorn will acquire Hi-Tech Pharmacal Co., Inc. for $640 million in cash. Under the terms of the agreement, Akorn will pay $640 million in cash, or $43.50 per share.
However, the investigation concerns whether the $43.50-offer is unfair to NASDAQ:HITK stockholders. More specifically, the investigation concerns whether the Hi-Tech Pharmacal Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Hi-Tech Pharmacal Co. (NASDAQ:HITK) reported that its Total Revenue rose from $159.34 million for the 12 months period that ended on April 30, 2010 to $232.38 million for the 12 months period that ended on April 30, 2013.Shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) gree from $4.65 per share in early 2009 to as high as $42.68 per share in later 2011.
On August 28, 2013, NASDAQ:HITK shares closed at $43.10 per share.
Those who are current investors in Hi-Tech Pharmacal Co. (NASDAQ:HITK) and purchased their Hi-Tech Pharmacal shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com