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Glancy Binkow & Goldberg LLP Announces Investigation of Adolor Corporation

^{Published on 2011-10-27 14:03:19 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the board of directors of Adolor Corporation (aAdolora or the aCompanya) (NASDAQ:ADLR), related to the Companyas agreement to be acquired by Cubist Pharmaceuticals, Inc. (aCubista). The proposed transaction is valued at approximately $415 million.

Under the terms of the definitive agreement entered into by the parties, Cubist will acquire all of the outstanding shares of Adolor for $4.25 per share in cash, and each Adolor stockholder will receive one Contingent Payment Right, entitling the holder to receive additional cash payments of up to $4.50 for each share they own if certain regulatory approvals or commercialization milestones are achieved for Adoloras lead development program. The transaction is expected to close in the fourth quarter of 2011. The investigation concerns whether the board of directors of Adolor breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction.

If you are a shareholder of Adolor, 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 Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, CA 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224 or by email to [ shareholders@glancylaw.com ].

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