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Rigrodsky & Long, P.A. Investigates Martek Biosciences Corporation Buyout

^{Published on 2010-12-21 06:36:06 - Market Wire}
 

WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Martek Biosciences Corporation (aMarteka or the aCompanya) (Nasdaq: [ MATK ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companya™s entry into an agreement to be acquired by Royal DSM N.V. (NYSE Euronext: DSM KON) (aDSMa) in a transaction valued at approximately $1.087 billion. Click here to learn how to join the action: [ http://www.rigrodskylong.com/news/MartekBiosciencesCorp-MATK ].

Under the proposed agreement, DSM will commence a cash tender offer to acquire Marteka™s outstanding shares of common stock at $31.50 per share in cash. The tender offer is expected to commence between January 10, 2011 and January 25, 2011.

The investigation concerns whether Marteka™s board of directors failed to adequately shop the Company and obtain the best price possible for Marteka™s shareholders before entering into the agreement with DSM. When Martek reported its fourth quarter and fiscal year 2010 financial results on December 8, 2010, Company Chief Executive Officer Steve Dubin commented: aMarteka™s fourth quarter came in at the high end of our expectations and concluded a year of many accomplishments for Martek. Revenue grew across all business segments in 2010, our core infant formula ingredients business was strengthened through the extension of the terms of two of our key infant formula sole source supply agreements, and significant improvements on the operational side of the business were implemented which helped drive growth in both margins and income.a

If you own the common stock of Martek and purchased your shares before December 21, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Seth D. Rigrodsky, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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