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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of CLDA

02-23-2011 02:57 PM CET | Politics, Law & Society

Press release from: Levi & Korsinsky, LLP

Levi & Korsinsky is investigating the Board of Directors of Clinical Data, Inc. (“Clinical Data” or the “Company”) (Nasdaq: CLDA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Forest Laboratories, Inc.

New York, NY, February 23, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Clinical Data, Inc. (“Clinical Data” or the “Company”) (Nasdaq: CLDA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Forest Laboratories, Inc. (“Forest”) (NYSE: FRX). Under the terms of the transaction, Clinical Data shareholders will receive $30.00 per share in cash, with a consideration of up to $6.00 contingent upon commercial milestones related to the drug Viibryd. The companies said the deal is valued at $1.2 billion net of an undisclosed amount of cash acquired.

Click here to learn more about the investigation: http://www.zlk.com/clinical-data-clda.html, or call: 877-363-5972.

The investigation concerns whether the Clinical Data Board of Directors breached their fiduciary duties to Clinical Data stockholders by failing to adequately shop the Company before entering into this transaction and whether Forest is underpaying for Clinical Data shares, thus unlawfully harming Clinical Data stockholders. In particular, at least one analyst set a price target of $46 per share of Clinical Data stock.

If you own common stock in Clinical Data 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 http://www.zlk.com/clinical-data-clda.html.

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

Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St.
15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation

Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St.
15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

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