The Law Firm of Levi & Korsinsky, LLP Launches an Investigation Into Possible Breaches of Fiduciary Duty by the Board of Cephalon, Inc. in Connection With the Sale of the Company to Teva Pharmaceutical Industries Ltd.

/ Source: GlobeNewswire

NEW YORK, May 2, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Cephalon, Inc. ("Cephalon" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Teva Pharmaceutical Industries Ltd. Under the terms of the transaction, Cephalon shareholders will receive $81.50 in cash per share of Cephalon stock they own. The transaction has a total enterprise value of approximately $6.8 billion.

Click here to learn how to join the action: , or call: 877-363-5972.

The investigation concerns whether the Cephalon Board of Directors breached their fiduciary duties to Cephalon stockholders by failing to adequately shop the Company before entering into this transaction and whether Teva Pharmaceutical Industries Ltd. is underpaying for Cephalon shares, thus unlawfully harming Cephalon stockholders.  In particular, at least one analyst placed a price target for Cephalon stock at $92 per share.

If you own common stock in Cephalon 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