Mar. 2, 2011 (Business Wire) -- The Law Offices of Vincent Wong are investigating the Board of Directors of Clinical Data, Inc. (Nasdaq: CLDA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Forest Laboratories, Inc. (NYSE: FRX). Under the terms of the transaction, Clinical Data shareholders will receive $30.00 per share in cash, with a consideration of up to $6.00 contingent upon commercial milestones related to the drug Viibryd. The companies said the deal is valued at $1.2 billion net of an undisclosed amount of cash acquired.
The investigation concerns whether the Clinical Data Board of Directors breached their fiduciary duties to Clinical Data stockholders by failing to adequately shop the Company before entering into this transaction and whether Forest is underpaying for Clinical Data shares, thus unlawfully harming Clinical Data stockholders. Yahoo! Finance reports at least one analyst set a price target of $46 per share of Clinical Data stock.
If you own common stock in Clinical Data and wish to obtain additional information, please contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/clinical-data.html.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
The Law Offices of Vincent Wong
Vincent Wong, Esq.
Tel.
212-584-2740
Fax. 866-367-6510
vw@wongesq.com