Contact Information: CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Juan E. Monteverde, Esq. 30 Broad Street -15th Floor New York, NY 10004 Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Life Sciences Research, Inc. - LSR
| Source: Levi & Korsinsky, LLP
NEW YORK, NY--(Marketwire - July 10, 2009) - Levi & Korsinsky announces that a class action
lawsuit has been filed in the Superior Court of the State of New Jersey
challenging the proposed acquisition of Life Sciences Research, Inc.
("Life Sciences" or the "Company") (NYSE : LSR ).
The Complaint arises out of the announcement by Life Sciences to sell the
Company to Lion Holdings, Inc., an entity that is controlled by Andrew
Baker, Chairman and CEO of Life Sciences. Under the terms of the
agreement, Life Sciences shareholders will receive $8.50 in cash for each
share of Life Sciences they own, or a total transaction value of
approximately $113 million. This raises questions as to whether the Life
Sciences Board of Directors breached their fiduciary duties to shareholders
given that: (i) the Company's shares traded at $9.83 as recently as January
5, 2009 and over $32 per share in the fourth quarter of 2008; (ii) at least
one analyst set a price target for Life Sciences stock at $20 per share;
and (iii) the Company agreed to a non-solicitation provision and a
termination fee of up to $4,460,000 that will all but ensure that no
superior offer will ever be forthcoming.
The Company expects to consummate the transaction in the fourth quarter,
subject to customary closing conditions, including all necessary regulatory
and stockholder approvals.
If you own common stock in Life Sciences and wish to obtain additional
information, please contact us at the number listed below or visit
www.zlk.com/lsr1.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.