Block & Leviton LLP Investigates Allos Therapeutics, Inc. for Possible Breaches of Fiduciary Duties for Its Proposed Merger with Spectrum Pharmaceuticals

BOSTON, April 5, 2012 /PRNewswire/ -- Block & Leviton LLP, a Boston based law firm representing investors nationwide, is investigating possible breaches of fiduciary duties by the Board of Directors of Allos Therapeutics, Inc. ("Allos" or the "Company") (NASDAQ: ALTH) concerning its announced merger with Spectrum Pharmaceuticals ("Spectrum") (NASDAQ: SPPI). 

Under the terms of the merger, Spectrum will acquire Allos for $1.82 per share in cash, which is a 22% premium over the Company's share price on April 4, 2012, the last trading day before the merger was announced.  In addition, Allos shareholders may receive one Contingent Value Right ("CVR") of $0.11 per share if certain European regulatory approval and commercialization milestones for one of the Company's drugs (Folotyn) are achieved.  The upfront portion of the transaction is valued at $108 million, net of Allos' cash balance at the end of 2011.    

Block & Leviton's investigation seeks to determine, among other things, whether Allos' Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed merger with Spectrum.  For example, the Company's stock price traded as high as $3.24 in the last year.  Moreover, the current average target price by analysts for Allos common stock is $2.10 per share.

If you have any information relevant to this investigation, or have questions about your legal rights, please contact Mark Alan Delaney of Block & Leviton LLP at (617) 398-5650 or email him at [email protected].

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.

This may constitute attorney advertising.

SOURCE Block & Leviton LLP

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