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Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) Investor Files Lawsuit Against Acquisition By Cosmo Pharmaceuticals

  • If you purchased shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and currently hold any of those NASDAQ:SLXP shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • 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

Company
Salix Pharmaceuticals, Ltd.
Security
NASDAQ: SLXP

Case Name
Salix Pharmaceuticals Deal Case 08/15/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

August 19, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) filed a lawsuit in effort to halt the proposed takeover of Salix Pharmaceuticals, Ltd. by Cosmo Pharmaceuticals S.p.A.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SLXP stockholders by agreeing to sell Salix Pharmaceuticals, Ltd.. too cheaply via an unfair process to Cosmo Pharmaceuticals S.p.A.

On July 8, 2014, Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) and Cosmo Pharmaceuticals S.p.A. (SIX: COPN) announced a merger agreement under which Salix will combine with Cosmo Technologies Limited, a subsidiary of Cosmo Pharmaceuticals S.p.A.

However, the plaintiff claims that the offer is unfair to NASDAQ: SLXP stockholders and undervalues Salix Pharmaceuticals, Ltd.
Indeed, Salix Pharmaceuticals, Ltd. reported that its annual Total Revenue rose from $336.97 million in 2010 to $933.84 million in 2013 and that its Net Loss of $27.06 million in 2010 turned into a Net income of $143.03 million in 2013. Shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) grew from $27.78 per share in September 2011 to as high as $140.02 per share on July 1, 2014.

On August 18, 2014, NASDAQ:SLXP shares closed at $139.17 per share.