Robbins Umeda LLP Announces an Investigation of Gen-Probe Incorporated
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Gen-Probe Incorporated (NASDAQ: GPRO) in connection with their efforts to sell the company to Hologic, Inc. (NASDAQ: HOLX). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On April 30, 2012, Gen-Probe announced that it had entered into a definitive merger agreement to be acquired by Hologic. According to the terms of the deal, Hologic will acquire all outstanding shares of the company through an all-cash transaction. Pursuant to the agreement, Gen-Probe shareholders will receive $82.75 for each share of the company they own. The transaction is expected to be completed in the second half of 2012.
Robbins Umeda LLP’s investigation focuses on whether Gen-Probe’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders, especially in light of the company’s recent financial results. Specifically, on April 30, 2012, Gen-Probe reported operating results for the first quarter of 2012 that beat analyst expectations. The company reported revenue of $153.4 million for the quarter, a 7.3% increase over the $143.0 million in revenue reported during the same quarter of the previous year. Additionally, the company reported an EPS of $0.55 for the quarter, a 1.9% increase over EPS reported during the first quarter of 2011.
Notably, shares of Gen-Probe have recently traded and closed above the offer price currently proposed by Hologic. In the last year, shares of Gen-Probe traded as high as $86.55 per share and closed above the current offer price on May 19, 2011, at $82.87 per share. Given Gen-Probe’s common stock historical prices and the company’s impressive financial results, Robbins Umeda LLP is examining the board’s decision to sell Gen-Probe rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Robbins Umeda attorneys highlight that Gen-Probe shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.