Faruqi & Faruqi, LLP Announces Shareholder Investigation Related to the Acquisition of Genoptix, Inc. - GXDX
January 26 2011 - 11:51AM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm
headquartered in New York City, is investigating the Board of
Directors of Genoptix, Inc. (“Genoptix” or the “Company”)
(NasdaqGS: GXDX) for potential breaches of fiduciary duties in
connection with their conduct related to the sale of the Company to
Novartis AG (NYSE: NVS) for an estimated $470 million. The proposed
transaction offers Genoptix shareholders to only receive $25 in
cash for each share of Genoptix common stock. According to Yahoo!
Finance, at least one analyst has set a price target of $28 per
share for Genoptix common stock. Further, the transaction is
structured as a tender offer which may avoid a shareholder vote by
Genoptix shareholders. Prior to this transaction, on
December 16, 2010, the Committee of Genoptix, in connection
with its 2010 annual bonus compensation review, awarded 2010
performance bonuses of $363,375 to Dr. Tina S. Nova,
Genoptix’s President and Chief Executive Officer, $226,688 to
Samuel D. Riccitelli, Genoptix’s Executive Vice President and Chief
Operating Officer, $136,875 to Douglas A. Schuling, Genoptix’s
Executive Vice President and Chief Financial Offer, and $93,000 to
Dr. Christian V. Kuhlen, Genoptix’s Vice President,
General Counsel and Corporate Secretary.
Request more information now by clicking here:
www.faruqilaw.com/GXDX
Whether the Genoptix’s Board of Directors breached their
fiduciary duties to Genoptix’s stockholders by failing to conduct
an adequate and fair sales process to sell the Company prior to
agreeing to this proposed transaction, whether the proposed
transaction undervalues Genoptix’s shares and by how much this
proposed transaction undervalues the Company to the detriment of
Genoptix shareholders are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in Genoptix and wish to obtain
additional information, please visit us at www.faruqilaw.com/GXDX
or contact Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
Genoptix, Inc. (MM) (NASDAQ:GXDX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Genoptix, Inc. (MM) (NASDAQ:GXDX)
Historical Stock Chart
From Oct 2023 to Oct 2024