Facet Biotech Corporation Board Under Investigation

If you currently hold shares of Facet Biotech Corporation (NASDAQ:FACT), you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Facet Biotech Corporation
Affected Securities: 
NASDAQ: FACT

An investigation on behalf of current investors in Facet Biotech Corporation (Public, NASDAQ:FACT) concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Facet Biotech Corp. was announced.

The investigation by la aw firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Facet Biotech arising out of their attempt to sell Facet Biotech Corporation to Abbott. Facet Biotech Corporation, located in Redwood, California, is a biotechnology company. The Company is engaged in identifying and developing oncology therapeutics. On March 09, 2010, Facet Biotech Corporation (Nasdaq: FACT) and Abbott (NYSE: ABT) announced an agreement for Abbott to acquire Facet Biotech Corporation for $27 per share in cash for a net transaction value of approximately $450 million. Facet Biotech Corporation reported in 2007 Total Revenue of $24.63million and in 2008 Total Revenue of $18.26million.

But according to one investigation by a law firm “the transaction appears to be unfair” to current investors of Facet Biotech Corporation (NASDAQ:FACT) because the “offer to purchase Facet Biotech Corporation (FACT)) at $27.00 per share appears opportunistically timed to take advantage of the current economic downturn” and is “grossly unfair, inadequate, and substantially below the fair or inherent value of FACT”.

Shares of Facet Biotech Corporation (Public, NASDAQ:FACT) traded at $16.25 per share before news and at $27.11 per share in after hours trading.

The investigation “concerns whether the Facet Biotech Board of Directors breach their fiduciary duties to Facet Biotech Corporation (NASDAQ:FACT) shareholders by failing to adequately shopped Facet Biotech Corporation before entering into the proposed transaction and whether the investment fund managed by Abbott Laboratories may be underpaying for Facet Biotech Corporation (FACT), thus unlawfully harming FACT shareholders”.