Law Office of Brodsky & Smith, LLC Announces Investigation of Human Genome Sciences, Inc.
Published on Tuesday, 17 July 2012 21:09 Written by TradersHuddle Staff
BALA CYNWYD, Pa., July 17, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Human Genome Sciences, Inc. ("Human Genome" or the "Company") (Nasdaq- HGSI) relating to the proposed acquisition by GlaxoSmithKline plc. ("GSK").
Under the terms of the transaction, Human Genome shareholders will receive only $14.25 in cash for each of Human Genome stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Human Genome for not acting in the Company's shareholders' best interests in connection with the sale process to GSK. The transaction may undervalue the Company as Human Genome stock traded at $29.60 a share on April 28, 2011 and traded at $14.59 a share as recently as April 26, 2012. In addition, an analyst has set a price target on Human Genome stock at $23.00 per share and sales of Human Genome's new lupus drug BENLYSTA reached $31.2 million for the first quarter of 2012.
SOURCE Brodsky & Smith, LLC
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