On March 9, 2009 an investor Life Sciences Research, Inc. (Public, NYSE:LSR) filed a proposed securities class action lawsuit in Superior Court of New Jersey, Chancery Division, Somerset County against Life Sciences Research, Inc. over alleged breach of fiduciary duty by the board of directors of Life Sciences Research, Inc.
According to a filing with the U.S. Securities and Exchange Commission from March 12, 2009 the complaint alleges, among other things, that the directors breached their fiduciary duties with respect to the proposal made by Andrew Baker to acquire all of the outstanding shares of the Company for $7.50 per share. The lawsuit names as defendants Mr. Baker, all other members of the Company's Board of Directors and Life Sciences Research, Inc. Life Sciences Research, Inc’s Board of Directors has established a special committee of independent directors to evaluate the proposal. The process of considering the Baker Proposal is only in its beginning stages, and consequently the special committee has not made any decisions in respect of the Company's response, if any, to the proposal.