NEW YORK, April 6, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of Orchid Cellmark Inc. ("Orchid" or the "Company") (Nasdaq:ORCH) concerning the proposed acquisition of Orchid by Laboratory Corporation of America Holdings ("LabCorp"). Under the terms of the agreement, LabCorp has agreed to pay $2.80 per share to stockholders and optionholders.
The investigation concerns, among other things, possible breaches of fiduciary duty by the Company's officers and directors. The cash tender offer is valued at $85.4 million. But once Orchid's cash, cash equivalents, and securities are included, the total estimated purchase price is $65.6 million.
Orchid shareholders seeking more information about this acquisition are advised to contact Gustavo F. Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 (ext. 302) or toll free at 888-476-6529, (ext. 302). Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) rrboyle@pomlaw.com