BMP Sunstone Corp. Shareholder Investigation by Briscoe Law Firm Concerning the Acquisition by Sanofi-aventis
05 November 2010 - 2:28AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of BMP Sunstone Corporation (“BMP Sunstone” or “BJGP) (NASDAQ:
BJGP) related to the acquisition of BMP Sunstone by
Sanofi-aventis.
Under the definitive merger agreement, which was announced on
October 28, 2010, BMP Sunstone shareholders will only receive
$10.00 in cash for each share of BMP Sunstone/BJGP common stock
they hold. The transaction is valued at $520.6 million on a fully
diluted share basis, and the acquisition is structured to include a
merger of BMP Sunstone with a wholly owned subsidiary of
Sanofi-aventis.
Based on the lack of an appreciable premium to shareholders, BMP
Sunstone’s historical stock price, and other factors, the proposed
transaction may undervalue BMP Sunstone/BJGP shares and not be fair
to BMP Sunstone shareholders. The investigation relates to possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of BMP Sunstone for approving this transaction
and whether BMP Sunstone’s Board of Directors acted in the
shareholders’ best interests.
If you currently own shares of BMP Sunstone/BJGP and would like
additional information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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