NEW YORK, April 13, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Orchid Cellmark Inc. ("Orchid" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Laboratory Corporation of America Holdings ("LabCorp"). Under the terms of the transaction, Orchid shareholders will receive $2.80 per share for a total transaction value of approximately $85.4 million.
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The investigation concerns whether the Orchid Board of Directors breached their fiduciary duties to Orchid stockholders by failing to adequately shop the Company before entering into this transaction and whether LabCorp is underpaying for Orchid shares, thus unlawfully harming Orchid stockholders. In particular, at least one analyst set a price target for Orchid stock at $6.00 per share.
If you own common stock in Orchid and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit .
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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com