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If you purchased shares of the Hi-Tech Pharmacal Co. (NASDAQ:HITK) and currently hold any of those NASDAQ:HITK shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
September 9, 2013 (Shareholders Foundation) - An investor, who currently hold shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) , filed a lawsuit in effort to halt the proposed takeover of Hi-Tech Pharmacal Co. by Akorn, Inc.for $43.50 per NASDAQ:HITK share.
The plaintiff claims that the defendants breached their fiduciary duties owed NASDAQ:HITK stockholder by agreeing to sell the company too cheaply via an unfair process to Akorn, Inc.
On August 27, 2013, Akorn, Inc. (NASDAQ: AKRX) and Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) announced that they have entered into an agreement under which Akorn will acquire Hi-Tech Pharmacal Co., Inc. for $640 million in cash. Under the terms of the agreement, Akorn will pay $640 million in cash, or $43.50 per share.
However, the plaintiff alleges that the $43.50-offer is too low and undervalues the company. Hi-Tech Pharmacal Co. (NASDAQ:HITK) reported that its Total Revenue rose from $159.34 million for the 12 months period that ended on April 30, 2010 to $232.38 million for the 12 months period that ended on April 30, 2013.Shares of Hi-Tech Pharmacal Co. (NASDAQ:HITK) grew from $4.65 per share in early 2009 to as high as $42.68 per share in later 2011.
On September 9, 2013, NASDAQ:HITK shares closed at $43.08 per share.