Law Offices Files Lawsuit Against Sepracor

Law Offices of Howard G Smith has filed class action lawsuit in the Court of Chancery for the State of Delaware on behalf of all public stockholders who own shares of Sepracor.

The complaint alleges that Sepracor and certain of the its directors breached their fiduciary duties to Sepracor stockholders by agreeing to sell the company to Dainippon Sumitomo Pharma at an inadequate and unfair price following a grossly unfair process.

Earlier, Sepracor and Dainippon had entered into a definitive agreement pursuant to which Dainippon will acquire Sepracor for cash at a price of $23 per share through a cash tender offer followed by a merger.

The complaint filed by Law offices, alleges that the $23 per share price significantly undervalues Sepracor and, in entering into the proposed merger, each of the defendants violated and continues to violate applicable law by directly breaching and/or aiding and abetting the remaining defendants’ breaches of their fiduciary duties.