NEW YORK, Sept. 12, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Hi-Tech Pharmacal Co. ("Hi-Tech" or the "Company") (Nasdaq:HITK) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Akorn, Inc. (Nasdaq:AKRX). A complaint was filed in Delaware state court.
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Under the terms of the transaction, Hi-Tech shareholders will receive $43.50 for each share of Hi-Tech stock they own. The transaction has a total approximate value of $640 million. The claims concern whether the Hi-Tech Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Akorn, Inc. is underpaying for Hi-Tech shares.
If you own Hi-Tech common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/hi-tech-pharmacal-hitk/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP