Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of all persons who held shares of the common stock of Allos Therapeutics, Inc. (“Allos”) (NASDAQ:ALTH) on April 5, 2012, against Allos, its Board of Directors and Spectrum Pharmaceuticals, Inc. (“Spectrum”) for breaches of fiduciary duty in connection with the proposed acquisition of Allos by Spectrum (the “Proposed Acquisition”) and for violations of Section 14(e) of the Securities Exchange Act of 1934 (“1934 Act”) in connection with the Solicitation/Recommendation Statement on Schedule 14D-9 (“14D-9”) filed with the SEC on April 13, 2012.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Allos is a biopharmaceutical company that engages in the development and commercialization of anti-cancer therapeutics, including FOLOTYN®, a folate inhibitor for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma.
On April 5, 2012, Allos and Spectrum announced a definitive merger agreement (the “Merger Agreement”) under which Allos would be acquired by Spectrum via tender offer (the “Tender Offer”). Under the terms of the Merger Agreement, upon successful completion of the Tender Offer, Allos stockholders will receive $1.82 per share in cash plus one Contingent Value Right, which would provide Allos stockholders with an additional payment of $0.11 per share in cash if certain European regulatory approval and commercialization milestones for FOLOTYN® are achieved.
The complaint alleges that the defendants directly breached their fiduciary duties or aided and abetted breaches of fiduciary duties in connection with the Proposed Acquisition, which significantly undervalues Allos and is the result of an unfair sales process designed to ensure that only Spectrum has the opportunity to acquire Allos. In addition, the complaint alleges that the 14D-9 contains material omissions and/or misstatements in contravention of §14(e) of the 1934 Act and/or defendants’ fiduciary duty of disclosure under state law, including material omissions and/or misstatements concerning the sales process leading up to the execution of the Merger Agreement, the Company’s value, the analyses performed by the Company’s financial advisor, J.P. Morgan Securities LLC, and the potential and/or actual conflicts of interest faced by J.P. Morgan. Without this material information, Allos shareholders are prevented from making a fully-informed decision as to the adequacy of the Tender Offer and whether to tender their shares.
Plaintiff seeks injunctive relief on behalf of all holders of Allos common stock on April 5, 2012 (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international investors and consumers in contingency based complex litigation. With nearly 200 attorneys in nine offices, the firm represents more institutional investors and pension funds in securities and corporate litigation than any other law firm in the world. Not only has the firm obtained six of the largest recoveries in history, but the firm has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. According to Cornerstone Research, the firm’s recoveries have averaged 35% above the median for all firms over the past seven years (2005-2011). Please visit http://www.rgrdlaw.com for more information.