Levi & Korsinsky is investigating the Board of Directors of Penwest Pharmaceuticals Co (“Penwest” or the “Company”) (NasdaqGM: PPCO) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Endo Pharmaceuticals Holdings Inc. (“Endo”) (NasdaqGS: ENDP).
New York, NY, August 11, 2010 — Levi & Korsinsky is investigating the Board of Directors of Penwest Pharmaceuticals Co (“Penwest” or the “Company”) (NasdaqGM: PPCO) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Endo Pharmaceuticals Holdings Inc. (“Endo”) (NasdaqGS: ENDP). Under the terms of the transaction, Penwest shareholders will receive $5.00 in cash for each Penwest share of common stock they own for a total transaction value of approximately $168 million.
For the quarter ending March 31, 2010, Penwest reported total revenue of $8.758 million and net income of $3.870 million as compared to total revenue and net income of $6.989 million and $1.217 million, respectively, for the prior quarter. The investigation concerns whether the Penwest Board of Directors breached their fiduciary duties to Penwest stockholders by failing to adequately shop the Company before entering into this transaction and whether Endo is underpaying for Penwest shares, thus unlawfully harming Penwest stockholders.
If you own common stock in Penwest and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500 or visit http://www.zlk.com/penwest-pharmaceuticals-ppco.html
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq. duard Korsinsky, Esq. 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
