An investigation for investors in shares of Transcept Pharmaceuticals Inc (NASDAQ:TSPT) over potential wrongdoing by certain officers and directors was announced and current NASDAQ:TSPT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 09/24/2013 -- An investigation on behalf of investors in shares of Transcept Pharmaceuticals Inc (NASDAQ:TSPT) was announced concerning whether certain Transcept Pharmaceuticals officers and directors possibly breached their fiduciary duties in connection with the newly adopted tax benefit preservation plan..
Investors who purchased shares of Transcept Pharmaceuticals Inc (NASDAQ:TSPT) 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, among other things, whether certain Transcept Pharmaceuticals officers and directors breached their fiduciary duties and caused damage to the company and its shareholders. More specifically, given that NASDAQ:TSPT shares traded as high as$11.43 per share in April 2012, the investigation concerns whether the Transcept Pharmaceuticals board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
Shares of Transcept Pharmaceuticals Inc grew from $2.54 in late August 2013 to as high as $3.56 per share.
Then on Sept. 13, 2013, Transcept Pharmaceuticals Inc announced that its Board of Directors has adopted a tax benefit preservation plan to help preserve the value of its net operating losses and other deferred tax benefits. Transcept Pharmaceuticals Inc said that its Board of Directors adopted the tax benefit preservation plan after considering, among other matters, the estimated value of the tax benefits, the potential for diminution upon an ownership change and the risk of an ownership change occurring. Furthermore, Transcept Pharmaceuticals Inc said that as part of the plan, its Board of Directors declared a dividend of one preferred stock purchase right, which are referred to as "rights," for each outstanding share of Transcept Pharmaceuticals common stock and that the rights will be exercisable if a person or group, without the approval of the Transcept Board, acquires, or obtains the right to acquire, beneficial ownership of 4.99 percent or more of the Transcept common stock.
Shares of Transcept Pharmaceuticals Inc rose to $3.78 per share on September 13, 2013.
Then on September 18, 2013, Retrophin, Inc. (OTCQB:RTRX) disclosed that last week, it delivered a letter to Transcept Pharmaceuticals ' Board of Directors proposing to acquire all of the outstanding common stock of Transcept Pharmaceuticals for $3.50 per share in cash and that the Transcept Pharmaceuticals ‘ Board of Directors rejected Retrophin's proposal and adopted a Tax Benefit Preservation Plan that prevents stockholders from acquiring more than 4.99% of Transcept. Furhtermore, Retrophin, Inc announced that it has made a proposal to the Board of Directors of Transcept Pharmaceuticals, Inc. (Nasdaq:TSPT) to acquire all of the shares of Transcept common stock that Retrophin does not own for $4.00 per share in cash.
Shares of Transcept Pharmaceuticals Inc rose to $3.87 per share on September 19, 2013.
On Sept. 23, 2013 NASDAQ:TSPT shares closed at $3.78 per share.
Those who purchased shares of Transcept Pharmaceuticals Inc (NASDAQ:TSPT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego