Home

The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Pharmaceutical Product Development, Inc.
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Willie Briscoe , a former United States Securities and Exchange Commission attorney and the securities litigation firm of Powers Taylor, LLP has begun an investigation regarding the acquisition of Pharmaceutical Product Development, Inc. by the private equity companies The Carlyle Group and Hellman & Friedman for the shareholders of Pharmaceutical Product Development, Inc.

The proposed buyout of Pharmaceutical Product Development, Inc. would leave shareholders with a payout of only $33.25 in cash for each share of the company that they owned. Since the company is going private, there would be no option to convert to shares to stock in the parent company. Given their limited options and the cost per share offered, many of the stockholders believe that this is an undervaluation. “We believe that the transaction may significantly undervalue Pharmaceutical Product Development stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.

  
What
Where


The final acquisition agreement is based around an all cash transaction, which values the company at roughly $3.79 billion, which includes the assumption of approximately $136 million in debts that the company is currently holding.

The Pharmaceutical Product Development Inc. reported that the price of the shares represents a 29.6% premium over the Pharmaceutical Product Development’s closing price the day before the announcement, though in mid-August the shares in Pharmaceutical Product Development Inc. were closing at a price of $32.20 per share, making the $33.25 significantly lower than the listed premium of 29.6%.

Adding to the shareholders claims is the fact that analysts at Thompson/First Call have set the price of the shares in Pharmaceutical Product Development Inc as high as $38.00 per share. “Based on these and other factors, we are investigating the fairness of the proposed transaction to Pharmaceutical Product Development shareholders, whether the shareholders are being underpaid for their stock, and whether Pharmaceutical Product Development’s Board of Directors acted in the shareholders’ best interest,” said Willie Briscoe in the statement.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Currently no motions to halt or delay the transaction have been filed, though they may occur during or after the investigation. The transaction is expected to be completed in the fourth quarter of 2011.

If you are an affected investor who would like to learn more about the lawsuit or join the action, you should contact Patrick Powers at Powers Taylor, LLP . They have both a toll free phone line, (877) 728-9607, or if you prefer you can e-mail the firm at patrick@powerstaylor.com. Alternative you may contact Mr. Willie Briscoe at The Briscoe Law Firm, PLLC, via phone at (214) 706-9314, or by email at WBriscoe@TheBriscoeLawFirm.com.



“The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters,” according to a news release on chron.com

“Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions,” according to the same news release on chron.com



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Eminent Domain Attorney

USA-TX-Richmond

Richmond office of our client seeks eminent domain attorney with 5+ years of experience. The candida...

Apply Now

RELEVANT JOBS

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Associate Attorney

USA-CA-Sacramento

A civil plaintiff’s law firm is hiring for an associate attorney, preferably with strong resea...

Apply now

Associate Attorney

USA-TX-San Antonio

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

Associate Attorney

USA-TX-Dallas

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

SEARCH IN ARCHIVE

To Top