BOSTON, April 5, 2012 /PRNewswire/ -- Block &
Leviton LLP, a Boston based law
firm representing investors nationwide, is investigating possible
breaches of fiduciary duties by the Board of Directors of Allos
Therapeutics, Inc. ("Allos" or the "Company") (NASDAQ: ALTH)
concerning its announced merger with Spectrum Pharmaceuticals
("Spectrum") (NASDAQ: SPPI).
Under the terms of the merger, Spectrum will acquire Allos for
$1.82 per share in cash, which is a
22% premium over the Company's share price on April 4, 2012, the last trading day before the
merger was announced. In addition, Allos shareholders may
receive one Contingent Value Right ("CVR") of $0.11 per share if certain European regulatory
approval and commercialization milestones for one of the Company's
drugs (Folotyn) are achieved. The upfront portion of the
transaction is valued at $108
million, net of Allos' cash balance at the end of 2011.
Block & Leviton's investigation seeks to determine, among
other things, whether Allos' Directors breached their fiduciary
duties by failing to maximize shareholder value in the proposed
merger with Spectrum. For example, the Company's stock price
traded as high as $3.24 in the last
year. Moreover, the current average target price by analysts
for Allos common stock is $2.10 per
share.
If you have any information relevant to this investigation, or
have questions about your legal rights, please contact Mark Alan Delaney of Block & Leviton LLP at
(617) 398-5650 or email him at Mark@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
for violations of securities laws. The firm's lawyers have
collectively been prosecuting securities cases on behalf of
investors for over 50 years.
Contact:
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BLOCK
& LEVITON LLP
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Mark Alan
Delaney, Esq.
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(617)
398-5650
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Mark@blockesq.com
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Jason M.
Leviton, Esq.
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(617)
398-5620
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Jason@blockesq.com
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This may constitute attorney advertising.
SOURCE Block & Leviton LLP