Acorda Therapeutics Inc. Investor Investigation Over Takeover Rumors

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Company Name(s): 
Acorda Therapeutics
Affected Securities: 

After a media report said that Acorda Therapeutics might be a takeover target an investigation on behalf of investors of Acorda Therapeutics Inc. (NASDAQ:ACOR) over possible breaches of fiduciary duties was announced.

The investigation by a law firm is at a preliminary stage and monitors the takeover rumors. It concerns whether Acorda Therapeutics Inc, certain of its officers and directors, and/or others breach their fiduciary duties owed to Acorda Therapeutics Inc. (NASDAQ:ACOR) investors in connection with the takeover rumors or in the event of a takeover.

Shares of Acorda Therapeutics Inc. spiked on Tuesday to as high as $32.30 per share after a media report cited a note by an analyst based in San Francisco that Acorda Therapeutics might be a takeover candidate for Biogen Idec Inc.

However, shares of Acorda Therapeutics Inc. (Public, NASDAQ:ACOR) recently rose already to as high as $33.04 per share after a media report said its multiple-sclerosis drug Fampyra was recommended for conditional approval by the European Medicine Agency's committee for medicinal products for human use.

Depsite the recent incline NSADAQ ACOR stock traded during 2010 as high as $38.75 per share. In addition Acorda Therapeutics’ performance increased over the past years. Acorda Therapeutics’ 12months Total Revenue rose from $39.49million in 07 to $1919.01million in 2010. It was able to lower its Net Loss from $37.97million in 07 to $11.77million in 2010.

Therefore the investigation by a law firm questions whether a potential sale process and the potential price would be unfair to the shareholders of Acorda Therapeutics (ACOR). The investigation focuses whether the Acorda Therapeutics board of directors will in the event of a takeover undertake an adequate and fair sales process to obtain fair consideration for all shareholders of Acorda Therapeutics Inc. (NASDAQ:ACOR) and will breach their fiduciary duties to Acorda Therapeutics Inc. (ACOR) shareholder by failing to adequately shop the Company before entering into any transaction. In addition the investigation seeks also to determine if any officer, director or any insiders violated any laws in connection with the takeover rumors. The investigation concerns also whether the acquirer would underpay for NASDAQ:ACOR shares, thus unlawfully harming NASDAQ ACOR investors. A potential class action lawsuit would seek to maximize the amount of money and information NASDAQ: ACOR shareholders would receive in a buyout, so the law firm.