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Kendall Law Group Investigates Clinical Data, Inc. for Shareholders

^{Published on 2011-02-22 11:35:26 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating Clinical Data, Inc. (NASDAQ: CLDA) for shareholders in connection with the proposed acquisition by Forest Laboratories, Inc. The national securities firma™s investigation seeks to determine whether Clinical Data and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a CLDA shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On February 22, 2011, the companies announced the definitive merger agreement under which Clinical Data would be acquired by Forest Laboratories in an all-cash transaction valued at approximately $1.2 billion. Under the terms of the agreement, Clinical Data stockholders will receive $30.00 in cash for each share of CLDA common stock held. The agreement also provides a contingent that could deliver up to an additional $6.00 per share over the course of 7 years in the event that Viibryda" achieves certain commercial milestones over four consecutive fiscal quarters. Shareholders will receive $1.00 per share if Viibryd reaches or exceeds $800 million within the first 5 years, $2.00 per share if it reaches or exceeds $1.1 billion within the first 6 years, and $3.00 per share if it reaches $1.5 billion within the first 7 years. Based on recent closing prices and analyst target prices, the firm believes the transaction significantly undervalues the company.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.