Celator Pharmaceuticals, Inc. Acquisition May Not Be in the Best Interests of CPXX Shareholders
NEW YORK, June 3, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Celator Pharmaceuticals, Inc. ("CPXX" or the "Company") in connection with the proposed acquisition of the Company by Jazz Pharmaceuticals plc ("Jazz"). On May 31, 2016, the Company announced it had reached a definitive agreement for Jazz to acquire all outstanding shares of CPXX pursuant to a tender offer for $30.25 in cash for each share of Company common stock.
WeissLaw is investigating whether CPXX's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced its financial results for the first quarter of 2016. CPXX reported having cash and cash equivalents of $67.5 million, compared to $23.3 million as of December 31, 2015. CPXX Chief Executive Officer Scott Jackson stated the "first quarter of 2016 was transformative for Celator." Additionally, certain CPXX shareholders, including the Company's executive officers and Board members, have agreed to tender their shares in the transaction.
Given these facts, WeissLaw is investigating whether CPXX's Board acted in the best interests of CPXX's public shareholders to maximize shareholder value prior to entering into the agreement. If you own CPXX shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/celator-pharmaceuticals-inc-acquisition-may-not-be-in-the-best-interests-of-cpxx-shareholders-300279656.html
SOURCE WeissLaw LLP