Rigrodsky & Long, P.A. Investigates Martek Biosciences Corporation Buyout
December 21 2010 - 9:28AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Martek
Biosciences Corporation (“Martek” or the “Company”) (Nasdaq: MATK)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Royal DSM N.V. (NYSE Euronext: DSM KON) (“DSM”) in a
transaction valued at approximately $1.087 billion. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/MartekBiosciencesCorp-MATK.
Under the proposed agreement, DSM will commence a cash tender
offer to acquire Martek’s outstanding shares of common stock at
$31.50 per share in cash. The tender offer is expected to commence
between January 10, 2011 and January 25, 2011.
The investigation concerns whether Martek’s board of directors
failed to adequately shop the Company and obtain the best price
possible for Martek’s shareholders before entering into the
agreement with DSM. When Martek reported its fourth quarter and
fiscal year 2010 financial results on December 8, 2010, Company
Chief Executive Officer Steve Dubin commented: “Martek’s fourth
quarter came in at the high end of our expectations and concluded a
year of many accomplishments for Martek. Revenue grew across all
business segments in 2010, our core infant formula ingredients
business was strengthened through the extension of the terms of two
of our key infant formula sole source supply agreements, and
significant improvements on the operational side of the business
were implemented which helped drive growth in both margins and
income.”
If you own the common stock of Martek and purchased your shares
before December 21, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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