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Rigrodsky & Long, P.A. Investigates CPEX Pharmaceuticals, Inc. Buyout

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^{Published in Health and Fitness on Tuesday, January 4th 2011 at 9:05 GMT by Market Wire}  

WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of CPEX Pharmaceuticals, Inc. (aCPEXa or the aCompanya) (Nasdaq: CPEX) concerning possible breaches of fiduciary duty and other violations of law related to the Companya™s entry into an agreement to be acquired by Footstar, Inc. (aFootstara) in a transaction valued at approximately $76.6 million. Click here to learn how to join the action: [ http://www.rigrodskylong.com/news/CPEXPharmaceuticalsInc-CPEX ].

Under the proposed agreement, Footstar will acquire all of the outstanding common shares of CPEX for $27.25 per share in cash.

The investigation concerns whether CPEXa™s board of directors failed to adequately shop the Company and obtain the best price possible for CPEXa™s shareholders before entering into the agreement with Footstar. Additionally, certain of CPEXa™s directors and employees, who currently own an aggregate of approximately 19.6% of the outstanding CPEX shares, have agreed to vote their shares in favor of the transaction and recommend that all CPEX shareholders approve the transaction.

If you own the common stock of CPEX and purchased your shares before January 4, 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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