Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Genelabs Technologies Inc.
NEW YORK, Oct. 30, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Genelabs Technologies Inc. ("Genelabs" or the "Company") (Nasdaq:GNLB) arising out of their attempt to sell the Company to GlaxoSmithKline for $1.30 per share for a total sale price of approximately $57 million. The price is unfair given that the Company has $28.76 million in cash and, as of December 31, 2007, a net operating loss for federal income tax purposes of approximately $186 million.Filed by admin at October 30th, 2008 under News