Shareholders Foundation, Inc.

Hi-Tech Pharmacal Co. (NASDAQ:HITK) Investor Alert: Lawsuit to Stop Takeover for $43.50 Filed

A lawsuit was filed for investors of shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) in effort to stop the proposed takeover and NASDAQ:HITK stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 09/10/2013 -- An investor, who currently hold shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) , filed a lawsuit in effort to halt the proposed takeover of Hi-Tech Pharmacal Co. by Akorn, Inc.for $43.50 per NASDAQ:HITK share.

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 plaintiff claims that the defendants breached their fiduciary duties owed NASDAQ:HITK stockholder by agreeing to sell the company too cheaply via an unfair process to Akorn, Inc.

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 plaintiff alleges that the $43.50-offer is too low and undervalues the company. 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) grew from $4.65 per share in early 2009 to as high as $42.68 per share in later 2011.

On September 9, 2013, NASDAQ:HITK shares closed at $43.08 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.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com