August 09, 2010 08:12 PM Eastern Daylight Time 

The Briscoe Law Firm, PLLC, and Powers Taylor, LLP, Announce the Investigation of Possible Breaches of Fiduciary Duties Concerning the Acquisition of Penwest Pharmaceuticals Co.

DALLAS--(BUSINESS WIRE)--The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP, are investigating potential legal claims against the Board of Directors of Penwest Pharmaceuticals Co. (“PPCO” or “Company”) (NASDAQ:PPCO) related to the proposed acquisition of SWSI by Nabors Industries Ltd.

The agreement, which was announced on Monday, August 9, 2010, involves a cash transaction valued at approximately $144 million, under which the Company shareholders will receive $5.00 in cash for each share of PPCO common stock they hold. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of PPCO for approving this transaction, whether the consideration to be received by PPCO shareholders is fair, and whether PPCO’s Board of Directors acted in the shareholders’ best interests.

If you currently own shares of PPCO and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free, 877-728-9607, via e-mail at patrick@cptlawfirm.com, or The Briscoe Law Firm, PLLC, toll free, 877-397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full-service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP, is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.