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Faruqi & Faruqi, LLP Encourages Valeant Pharmaceuticals International Shareholders to Exercise Their Legal Rights - VRX

^{Published on 2010-07-12 15:05:21 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a leading New York securities firm, is investigating the Board of Directors of Valeant Pharmaceuticals International ("Valeant" or the "Company") (NasdaqGS: VRX) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Biovail Corporation ("Biovail" ) (NYSE: BVF).

The transaction is an agreement for Valeant to be acquired by Biovail in a transaction valued at approximately $3.2 billion. Under the terms of the agreement, Valeant shareholders will only receive a cash dividend of $16.77 per share and 1.7809 shares of Biovail common stock for each share of Valeant stock held. Based on Biovaila™s closing price of $14.60 the day before the deal was announced, this offer values Valeant stock at $42.77 per share. Because Valeant shares closed at $45.87 on Friday, we believe this offer to be inadequate for the shareholders. The investigation concerns whether the offer is inadequate and by how much undervalues the Company.

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 firma™s clients.

If you own common stock in Valeant and wish to obtain additional information, please visit us at [ http://www.faruqilaw.com/merger.php ] or contact Juan E. Monteverde, Esq. either via email 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.