Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Life Sciences Research, Inc. (“Life Sciences” or the “Company”)
New York, NY July 10, 2009 — Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Life Sciences Research, Inc. (“Life Sciences” or the “Company”) (NYSE Arca: LSR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Lion Holdings, Inc., an entity that is controlled by Andrew Baker, Chairman and CEO of the Company. Under the terms of the agreement, Life Sciences shareholders will receive $8.50 in cash for each share of Life Sciences they own or a total transaction value of approximately $113 million.
The investigation concerns whether the Life Sciences Board of Directors breached their fiduciary duties to Life Sciences shareholders given that (i) the Company’s shares traded at $9.83 as recently as January 5, 2009 and over $32 per share in the fourth quarter of 2008; (ii) at least one analyst set a price target for Life Sciences stock at $20 per share; and (iii) the Company agreed to a non-solicitation provision and a termination fee of up to $4,460,000 that will all but ensure that no superior offer will ever be forthcoming.
The Company expects to consummate the transaction in the fourth quarter, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.
If you own common stock in Life Sciences and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/lsr1.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.
Eduard Korsinsky, Esq.
30 Broad Street – 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
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Contact:
Joseph Levi
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
