Robbins Umeda LLP Is Investigating Clinical Data, Inc. Acquisition for Shareholders

SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Clinical Data, Inc. (NASDAQ: CLDA) in connection with their efforts to sell the company to Forest Laboratories, Inc. (NYSE: FRX). Under the proposed agreement, Forest Labs will commence a tender offer to purchase all of the outstanding Clinical Data shares for $30.00 per share in cash, a 12% discount from Clinical Data's closing price of $33.90 on Friday, February 18, 2011. In addition, the deal includes contingent consideration of $6 per share, based on certain commercial milestones over four consecutive quarters related to sales of Viibryd, Clinical Data's new antidepressant. Clinical Data's directors and officers hold approximately 52.3% of shares, and have already entered into tender agreements. The deal is expected to close in the second quarter of 2011.