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April 29, 2013

Securities Litigation Could Stall Opko-Prolor Buyout

  • Concerns raised by two securities litigation firms on behalf of Prolor Biotech shareholders could stall Opko Health’s acquisition of the Israeli biopharma.

    The Stevenson, MD-based Brower Piven and Dallas’ Powers Taylor are separately investigating the deal, citing possible breaches of fiduciary duty and potential undervaluing of current Prolor shares, respectively. In a statement, Brower Piven said it “seeks to determine, among other things, whether Prolor’s board of directors breached their fiduciary duties by failing to maximize shareholder value.”

    According to a Powers Taylor statement, the firm’s investigation “centers on whether the company's shareholders are receiving adequate compensation for their shares in the proposed acquisition, whether the transaction undervalues Prolor’s stock, and whether Prolor’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.”

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