|By PR Newswire||
|August 27, 2013 06:44 PM EDT||
NEW YORK, Aug. 27, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Hi-Tech Pharmacal Co., Inc. ("Hi-Tech" or the "Company") (NASDAQ: HITK) (ISIN: US42840B1017) (CUSIP: 42840B101) concerning the proposed acquisition of Hi-Tech by Akorn, Inc. in a transaction valued at approximately $640 million in cash.
The investigation concerns whether the Hi-Tech directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Hi-Tech shareholders will receive $43.50 per share in cash for each share of Hi-Tech common stock. However, the price to EBITDA and Revenue multiples are below the averages of comparable transactions.
Hi-Tech shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at [email protected] or 212-661-1100 or 888-476-6529, ext. 237.
The firm is also investigating actions on behalf of shareholders for the following companies: Hilltop Community Bancorp, Inc., Dole Food Company, Inc., and Cooper Tire & Rubber Company.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
212-661-1100 ext. 237
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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