Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the acquisition of Pharmaceutical Product Development, Inc. ("Pharmaceutical Product Development" or "PPDI")by the private equity companies The Carlyle Group and Hellman & Friedman for Pharmaceutical Product Development shareholders. Under the proposed going private buyout, Pharmaceutical Product Development shareholders will receive only $33.25 in cash for each share of Pharmaceutical Product Development/PPDI stock owned. "We believe that the transaction may significantly undervalue Pharmaceutical Product Development stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders," said shareholder rights attorney Willie Briscoe.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $3.79 billion, including assumption of approximately $136 million in debt. The transaction is expected to be completed in the fourth quarter of 2011.
Although Pharmaceutical Product Development has reported that the acquisition price represents an approximately 29.6% premium over Pharmaceutical Product Development's closing price the day before the announcement, as recently as mid-August 2011 PPDI shares closed at over $32.20 per share. In addition, according to Thompson/First Call, analysts have set a target price as high as $38.00 per share for PPDI stock. "Based on these and other factors, we are investigating the fairness of the proposed transaction to Pharmaceutical Product Development shareholders, whether the shareholders are being underpaid for their stock, and whether Pharmaceutical Product Development's Board of Directors acted in the shareholders' best interest," said Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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