Morgan & Morgan Announces That Class Action Lawsuits Have Been Filed in Connection With the Sale of Avanir Pharmaceuticals, Inc. -- AVNR

NEW YORK, Dec. 11, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class action lawsuits have been filed in the Delaware Court of Chancery on behalf of public stockholders of Avanir Pharmaceuticals, Inc. ("Avanir" or the "Company") AVNR challenging the proposed acquisition by Otsuka Pharmaceutical Co., Ltd. ("Otsuka").

The complaints allege that on December 2, 2014, Otsuka and the Company announced a definitive agreement under which Otsuka, through its wholly-owned subsidiary Bigarade Corporation, will acquire all of the outstanding shares of Avanir through a tender offer to be commenced within ten business days (the "Proposed Transaction"). In the Proposed Transaction, Avanir stockholders will receive $17.00 per share of Avanir stock in a transaction valued at approximately $3.5 billion.

As alleged in the complaint, Morgan & Morgan is investigating whether the Company's Board of Directors breached their fiduciary duties by failing to maximize shareholder value and/or protect the interests of Avanir shareholders.

If you own shares of Avanir and want more information on the Avanir Class Action Lawsuit, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com

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