Securities Lawsuit Investigation | Company: Allos Therapeutics, Inc. | For: Breaches of Fiduciary Duty, Failure to Disclose Information, Proposed Merger Undervalues Shares of Allos
Gilman Law LLP, a leading Naples, Florida, securities law firm, is now accepting claims for lawsuits on behalf of Allos Therapeutics, Inc. (“Allos”) shareholders. Allos, a biopharmaceutical company that engages in the development and commercialization of anti-cancer therapeutics, and its Board of Directors have been accused of failing to disclose all material information to shareholders concerning the proposed sale of Allos to AMAG Pharmaceuticals, Inc. (“AMAG”). Gilman Law is currently offering free legal evaluations to all Florida Allos investors, including those in the Naples, Orlando, Miami, Jacksonville and Tampa areas.
For over 40 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm’s Naples office is offering free legal consultations to Allos investors from throughout Florida, including Naples, Orlando, Miami, Jacksonville, and Tampa. If you owned shares of common stock of Allos Therapeutics, Inc. (NASDAQ: ALTH) during the period beginning July 20, 2011 through and up to the closing of the proposed acquisition, you must contact Gilman Law LLP no later than November 22, 2011 in order to exercise your legal rights against Allos.
Allos Class Action Lawsuit Allegations
Allos has been named in a Class Action lawsuit alleging the Company and its Board of Directors breached their fiduciary duty to shareholders by failing to disclose all material information concerning the proposed sale of Allos to AMAG. According to the Complaint, the proposed $260 million acquisition significantly undervalued Allos and was a result of an unfair sales process that was designed to ensure only AMAG had the opportunity to purchase Allos. Plaintiffs are seeking injunctive relief on behalf of all shareholders of Allos common stock during the period beginning July 20, 2011 through and including the closing of the proposed acquisition of Allos by AMAG.
According to the lawsuit, the proposed merger undervalued Allos Shares. Based on AMAG’s prior closing price of $19.07, the deal values Allos stock at $2.44 a share. After the announcement of the proposed acquisition, the price of common stock of AMAG fell to $13.58, bringing the value of Allos shares to $1.74.
According to the lawsuit, Allos issued a materially false and misleading proxy statement on August 22, 2011 recommending that shareholders vote in favor of the proposed acquisition. However, the statement failed to disclose material information concerning the unfair sales process, conflicts of interest that corrupted the sales process, the unfair consideration offered in the proposed acquisition and the actual intrinsic value of the Company on a stand-alone basis and as a merger partner for AMAG.
Legal Help for Allos Shareholders
Gilman Law has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist Florida investors who have sustained losses as a result of Allos’ fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.