NEW YORK, June 23, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating the Board of Directors of Monogram Biosciences, Inc. ("Monogram" or the "Company") (Nasdaq:MGRM) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Laboratory Corporation of America Holdings ("Labcorp") (NYSE:LH). Under the terms of the agreement, Monogram stockholders will receive $4.55 in cash for each share of Monogram they own for a total deal value of approximately $155 million, including debt. The price appears unfair given that Monogram shares traded over $5.00 per share as recently as September 2008 and at $7.20 per share in August 2008 (on a split adjusted basis) and at least one analyst set a $6.00 price target for Monogram shares.
Monogram is a life science company that develops molecular diagnostic products for the treatment of infectious diseases, cancer, and other diseases in the United States. The Company had revenues of approximately $43 million for fiscal year 2007 and $62 million for fiscal year 2008.
If you own common stock in Monogram and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/mgrm1.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.