NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) announce that KSF has commenced an investigation into the Board of Directors of PROLOR Biotech, Inc. (“PROLOR” or the “Company) (NYSE MKT: PBTH) in connection with their conduct related to the sale of the Company to OPKO Health, Inc. (“OPKO) (NYSE: OPK). Under the terms of the proposed transaction, shareholders of PROLOR will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock that they own. Based on a price of $7.03 per share of OPKO common stock, the transaction is valued at approximately $480 million, or $7.00 per share of PROLOR common stock.
KSF’s investigation focuses on whether PROLOR and/or its officers and directors secured sufficient value for the shareholders of PROLOR, breached their fiduciary duties, and/or violated state or federal securities laws. According to Bloomberg reports, the Chairman of PROLOR, who owns approximately 20% of PROLOR’s outstanding stock, is also the Chairman of OPKO, and owns approximately 39% of OPKO’s outstanding stock as well. Some investors have expressed opposition to the deal, citing low valuation and the Company’s announcement of the transaction before the commencement of phase III trials.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) or attorney Michael Palestina (michael.palestina@ksfcounsel.com) toll free at 855-768-1857 or via cell phone any time at 504-236-7315.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on transactional litigation, as well as securities class action and shareholder derivative litigation. With offices in New York and Louisiana, KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.