Bernstein Liebhard LLP Announces Investigation on Behalf of Shareholders of OSI Pharmaceuticals

Bernstein Liebhard LLP is investigating whether the Board of Directors of OSI Pharmaceuticals, Inc. ("OSI” or the "Company”) (NYSE: OSIP) is breaching its fiduciary duty to the Company’s shareholders by not agreeing to sell OSI to Astellas Pharmaceuticals ("Astellas”).

Under the terms of Astellas’ most recent offer, it will pay $52 per OSI share in cash – a 40 percent premium to OSI’s Friday, February 26, 2010 closing share price of $37.02. Astellas will begin a tender offer for OSI’s shares on Tuesday. The OSI Board allegedly rejected an earlier takeover proposal from Astellas for $52 per share.

If you are interested in discussing your rights as an OSI shareholder and/or have information relating to the matter, please contact U. Seth Ottensoser at (877) 779-1414 or Ottensoser@bernlieb.com.

Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered approximately $2 billion for its clients. It has been named to The National Law Journal’s "Plaintiffs’ Hot List” in each of the last seven years.

ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.