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Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Javelin Pharmaceuticals, Inc. - JAV

^{Published on 2009-12-21 09:00:25 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of Javelin Pharmaceuticals, Inc. ("Javelin" or the "Company") (AMEX: JAV) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Myriad Pharmaceuticals Inc. ("Myriad") (NasdaqGM: MYRX). Under the terms of the transaction, Javelin stockholders will receive 0.282 Myriad shares for each share they own, or approximately $1.50 per Javelin share, based on the December 17, 2009 closing price of Myriad stock, for a total transaction value of approximately $96 million. Javelin shareholders may receive additional Myriad shares if certain milestones are met.

The investigation concerns whether the Javelin Board of Directors breached their fiduciary duties to Javelin shareholders given that (i) Javelin shares traded at $2.05 as recently as September 29, 2009; (ii) the average price target set by analysts for Javelin stock is $3.17 per share with at least one analyst setting a price target of $3.50 per share; and (iv) and the Board agreed to a non-solicitation provision and a termination fee up to $2.9 million that will all but ensure that no superior offers will ever be forthcoming.

If you own common stock in Javelin and wish to obtain additional information, please contact us at the number listed below or visit [ http://www.zlk.com/jav1.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.