November 1, 2016 Bragar Eagel & Squire, P.C. announces that the parties have reached an agreement to settle all claims in In re Cornerstone Therapeutics Inc. Stockholder Litigation, Consolidated C.A. No. 8922-VCG, Court of Chancery of the State of Delaware. Plaintiffs brought this action alleging that Defendants breached their fiduciary duties by approving the acquisition of Cornerstone Therapeutics Inc. (“Cornerstone”) by Chiesi Farmaceutici S.p.A. at an unfair price of 9.50 per share. Pursuant to the settlement,, in return for releases and dismissal of the claims, Defendants will pay $17,881,555.20 for the benefit of the Class. This amount represents a $2.40 per share, or a 25.2% permium above the merger price. A copy of the settlement agreement and exhibits can be obtained through the Court’s website.
For additional information, please contact J. Brandon Walker, Esq. at (212) 355-4648.
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