The Law Offices of Vincent Wong Announce an Investigation into Possible Breaches of Fiduciary Duty by the Board of CPEX Pharmaceuticals, Inc. in Connection with the Sale of the Company to Footstar Inc. – CPEX

NEW YORK--()--The Law Offices of Vincent Wong are investigating the Board of Directors of CPEX Pharmaceuticals, Inc. (Nasdaq: CPEX) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Footstar Inc. Under the terms of the proposed deal, CPEX shareholders will receive $27.25 in cash per share for a total transaction value of approximately $76.6 million. CPEX stock traded as high as $29.47 per share as recently as June 15, 2010. Also, certain of CPEX's directors and employees, who currently own an aggregate of approximately 19.6% of the outstanding CPEX shares, have agreed to vote their shares in favor of the transaction.

The investigation concerns whether the CPEX Board of Directors breached their fiduciary duties to CPEX stockholders by failing to adequately shop the Company before entering into this transaction and whether Footstar is underpaying for CPEX shares.

If you own common stock in CPEX and wish to obtain additional information, please contact please contact Mr. Vincent Wong either via email vw@wongesq.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/cpex.html.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights and represents investors in the United States as well as in China. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-584-2740
Fax: 866-367-6510
vw@wongesq.com
www.wongesq.com

Release Summary

The Law Offices of Vincent Wong are investigating the Board of Directors of CPEX Pharmaceuticals, Inc. (Nasdaq: CPEX) for possible breaches of fiduciary duty and other violations of state law

Contacts

The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-584-2740
Fax: 866-367-6510
vw@wongesq.com
www.wongesq.com