NEW YORK, Aug. 11, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Salix Pharmaceuticals, Ltd. ("Salix" or "the Company") (Nasdaq:SLXP) of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cosmo Tech, a subsidiary of Cosmo Pharmaceuticals S.p.A which will change its name to Salix Pharmaceuticals, plc upon the completion of the merger. A complaint was filed in Delaware state court.
Click here to learn more about the investigation: http://zlk.9nl.com/salix-pharmaceuticals-slxp, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, Salix shareholders will receive one share of the post-merger entity for each share of Salix they own. Salix shareholders will own 80 percent of the newly combined company. The claims concern whether the Board of Salix breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Cosmo Pharmaceuticals S.p.A. is underpaying for Salix shares. Cosmo will be able to designate one director to the Board of Salix Pharmaceuticals, plc, and the post-merger entity will be subject to certain standstill provisions for at least 10 years.
If you own Salix common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/salix-pharmaceuticals-slxp.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. 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: (866) 367-6510
www.zlk.com
