Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Talecris Biotherapeutics Holdings Corp. - TLCR
NEW YORK--(BUSINESS WIRE)--Jun 7, 2010 - Levi & Korsinsky is investigating the Board of Directors of Talecris Biotherapeutics Holdings Corp. (“Talecris” or the “Company”) (NasdaqGS: TLCR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Grifols S.A. ("Grifols") (GRF.MC). Under the terms of the transaction, Talecris shareholders will receive $19.00 in cash and 0.641 newly-issued non-voting Grifols' shares for each Talecris share of common stock they own. Based on the closing price of Grifols' ordinary shares as of June 4th, 2010 and prevailing Euro-Dollar exchange rates, the transaction values Talecris stock at $26.16 per share for a total transaction value of approximately $3.4 billion. A Cerberus Capital Management affiliate that holds 49% of Talecris has agreed to vote for the deal.
For the quarter ending March 31, 2009, Talecris reported total revenue of $380.961 million and net income of $45.339 million as compared to total revenue and net income of $390.113 million and $1.372 million, respectively, for the prior quarter. The investigation concerns whether the Talecris Board of Directors breached their fiduciary duties to Talecris stockholders by failing to adequately shop the Company before entering into this transaction and whether Grifols is underpaying for Talecris shares, thus unlawfully harming Talecris stockholders. In particular, the offer price is only a small premium over the $24.41 price the Company's shares traded at as recently as January 22, 2010 and at least one analyst set a price target for Talecris stock at $30.00 per share.
If you own common stock in Talecris and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/talecris-biotherapeutics-tlcr.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
Posted: June 2010