Monogram Biosciences, Inc. Investor Investigations over alleged unfair takeover

Shareholders Foundation, Inc., Mail@ShareholdersFoundation, www.ShareholdersFoundation.com

2009-06-29 16:46:21 - Investigations on behalf of certain current investors in Monogram Biosciences, Inc.
(Public, NASDAQ:MGRM) over possible breach of fiduciary duty by the Board of Monogram Biosciences – Contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com

SAN DIEGO, CA (Shareholders Foundation) – Several investigations on behalf of current investors Monogram Biosciences, Inc. (Public, NASDAQ:MGRM), who purchased the shares before June 23, 2009, were announced over possible breaches of fiduciary duty and other violations of state law by the board of directors of Monogram Biosciences Inc.
If you are a current investor of Monogram Biosciences, Inc. (NASDAQ:MGRM) and purchased the shares before June 23, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. immediately at Email: mail(at)shareholdersfoundation.com or call us at: +1 (858) 779 - 1554. According to the investigations by law firms the investigations focus possible breaches of fiduciary duty and other violations of state law by the board of directors of Monogram Biosciences, Inc. (NASDAQ:MGRM)) arising out of their attempt to sell Monogram Biosciences, Inc. to Laboratory Corporation and on the potential unfairness of the merger price and of the process by which the Monogram Board of Directors approved the agreement. On June 23, 2009 Laboratory Corporation of America (NYSE: LH) and Monogram Biosciences, Inc. (NASDAQ: MGRM) announced that they have entered into a definitive agreement and plan of merger under which Laboratory Corporation will acquire all of the outstanding shares of Monogram in a cash tender offer for $4.55 per share for an implied total equity value of approximately $106.7 million, or a total enterprise value of approximately $155 million at March 31, 2009, including net indebtedness. Looking at recent numbers, Laboratory Corporation's proposed purchase price represents a premium over Monogram's closing price of $1.68 on June 22, the day before the acquisition was announced. But according to one investigation the acquisition price "appears unfair, given that Monogram shares traded over $5.00 per share as recently as September 2008 and at $7.20 per share in August 2008 (on a split-adjusted basis) and at least one analyst set a $6.00 price target for Monogram shares." Another investigation calls the deal “suspicious because it appears from a review of the Company's financial statements that the inherent value of the Company's stock is greater than $4.55, because the stock traded recently at over $5.00 per share, and also because at least one analyst has recently valued the stock at $6.00 per share”. Monogram Biosciences, Inc. located in South San Francisco, CA, is a life sciences company engaged in the development of molecular diagnostic products that guide and target the appropriate treatments. Monogram Biosciences reported $43.23million in Total Revenue in 2007 and $62.19million in 2008. Shares of Monogram Biosciences (NASDAQ: MGRM) closed at $4.55 per share on Friday, June 26, 2009, down from a 52weekHigh of $7.44 per share.