PROLOR Biotech Investor Alert by Former Attorney General of Louisiana: Kahn
Swick & Foti, LLC Investigates PROLOR Biotech, Inc. Following Announcement
of Acquisition by OPKO Health, Inc. for Potential Conflicts and Self Dealing
NEW ORLEANS -- April 24, 2013
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the law
firm of Kahn Swick & Foti, LLC (“KSF”) announce that KSF has commenced an
investigation into the Board of Directors of PROLOR Biotech, Inc. (“PROLOR” or
the “Company) (NYSE MKT: PBTH) in connection with their conduct related to the
sale of the Company to OPKO Health, Inc. (“OPKO) (NYSE: OPK). Under the terms
of the proposed transaction, shareholders of PROLOR will receive 0.9951 shares
of OPKO common stock for each share of PROLOR common stock that they own.
Based on a price of $7.03 per share of OPKO common stock, the transaction is
valued at approximately $480 million, or $7.00 per share of PROLOR common
KSF’s investigation focuses on whether PROLOR and/or its officers and
directors secured sufficient value for the shareholders of PROLOR, breached
their fiduciary duties, and/or violated state or federal securities laws.
According to Bloomberg reports, the Chairman of PROLOR, who owns approximately
20% of PROLOR’s outstanding stock, is also the Chairman of OPKO, and owns
approximately 39% of OPKO’s outstanding stock as well. Some investors have
expressed opposition to the deal, citing low valuation and the Company’s
announcement of the transaction before the commencement of phase III trials.
If you have information that would assist KSF in its investigation, or would
like to discuss your legal rights, you may, without obligation or cost to you,
e-mail or call KSF Managing Partner Lewis S. Kahn (email@example.com)
or attorney Michael Palestina (firstname.lastname@example.org) toll free at
855-768-1857 or via cell phone any time at 504-236-7315.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C.
Foti, Jr., is a law firm focused on transactional litigation, as well as
securities class action and shareholder derivative litigation. With offices in
New York and Louisiana, KSF's lawyers have significant experience litigating
complex securities class actions nationwide on behalf of both institutional
and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Michael Palestina, Esq., 855-768-1857
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