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Board of Monogram Biosciences, Inc. Investigated by Levi & Korsinsky LLP - MGRM
Added: (Wed Jun 24 2009)
Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Monogram Biosciences, Inc.
New York, NY June 24, 2009 -- Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Monogram Biosciences, Inc. (“Monogram” or the “Company”) (NasdaqGM: MGRM) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Laboratory Corporation of America Holdings ("Labcorp") (NYSE: LH). Under the terms of the agreement, Monogram stockholders will receive $4.55 in cash for each share of Monogram they own for a total deal value of approximately $155 million, including debt. The price appears unfair given that Monogram shares traded over $5.00 per share as recently as September 2008 and at $7.20 per share in August 2008 (on a split adjusted basis) and at least one analyst set a $6.00 price target for Monogram shares.
Monogram is a life science company that develops molecular diagnostic products for the treatment of infectious diseases, cancer, and other diseases in the United States. The Company had revenues of approximately $43 million for fiscal year 2007 and $62 million for fiscal year 2008.
If you own common stock in Monogram and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/mgrm1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
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Contact:
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
http://www.zlk.com
Press Contact:
Joseph Levi
Levi & Korsinsky, LLP
30 Broad Street - 15th Floor
New York, NY 10004
212-363-7500
info@zlk.com
http://www.zlk.com