Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Transcept Pharmaceuticals’ Tax Benefit Preservation Plan and Proposed Acquisition by Retrophin, Inc. Business Wire SAN DIEGO -- September 19, 2013 Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether certain officers and directors of Transcept Pharmaceuticals, Inc. (NASDAQ: TSPT) breached their fiduciary duties in connection with the newly adopted tax benefit preservation plan. On September 13, 2013, Transcept’s board adopted a tax benefit plan three days after receiving a $3.50 per share offer from Retrophin. On September 18, 2013, Retrophin upped its offer to $4.00 per share. The tax benefit plan as outlined in a recent press release by Transcept stated, “The Board of Directors adopted the tax benefit preservation plan after considering, among other matters, the estimated value of the tax benefits, the potential for diminution upon an ownership change and the risk of an ownership change occurring.” The plan has a preferred stock purchase rights provision. These rights will be exercisable if a person or group, without the approval of the Transcept Board, acquires or obtains the right to acquire beneficial ownership of 4.99 percent or more of the Transcept common stock. Jim Baker, lead analyst for Johnson & Weaver, stated, “Transcept’s tax benefit plan has all the markings of a ‘poison pill’ and does not appear to be in the best interest of the shareholders.” Baker also noted, “The adoption of this plan just three days after Retrophin’s offer seems to serve certain Transcept officers and directors. This action would deter other interested buyers with these new restrictive terms.” If you are a Transcept shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-230-0063. Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Contact: Johnson & Weaver, LLP Jim Baker, 619-230-0063 Ext. 118 firstname.lastname@example.org
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Transcept Pharmaceuticals’ Tax Benefit
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