Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Hi-Tech Pharmacal Co., Inc. Over the Proposed Sale of the Company to Akorn, Inc.
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Hi-Tech Pharmacal Co., Inc. (“Hi-Tech” or the “Company”) (NasdaqGS: HITK) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Akorn, Inc. (NasdaqGS: AKRX) in a deal valued at $640 million. Under the terms of the proposed transaction, Hi-Tech’s stockholders will receive $43.50 in cash for each share of Hi-Tech common stock they own. However, Hi-Tech has reached $44.30 in its 52-week high.
The investigation focuses on whether Hi-Tech’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Hi-Tech’s shareholders.
If you own common stock in Hi-Tech and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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