Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Pharmasset, Inc.(“Pharmasset” or the “Company”) (Nasdaq: VRUS) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Gilead Sciences, Inc. (“Gilead”) in a transaction with an approximate value of $11 billion.

Under the proposed agreement, Gilead will commence a tender offer to acquire all of the outstanding shares of Pharmasset’s common stock at a price of $137.00 per share in cash.

The investigation concerns whether Pharmasset’s board of directors adequately shopped the Company to obtain the best price possible for Pharmasset’s shareholders before entering into the agreement with Gilead.

As recent as November 14, 2011, Pharmasset announced its fiscal year end financial results wherein the Company’s President and CEO, Schaefer Price, stated: “In 2011, we have made significant advances with our HCV nucleotide analogs[.]…At the recent AASLD meeting we reported consistently high SVR results from PSI-7977 and ribavirin dosed with or without interferon across genotypes 1, 2 and 3.  This encouraging data in combination with PSI-7977’s good safety profile and high barrier to resistance have enabled us to rapidly initiate the first interferon-free phase 3 program in the industry.  We are excited to pursue an interferon-free regimen in phase 3 since interferon intolerability keeps most patients from being treated for their HCV.  We anticipate filing for marketing approval in the US and Europe in the second half of 2013 and hope to be the first to introduce an interferon–free regimen in the marketplace.”

If you own the common stock of Pharmasset and purchased your shares before November 21, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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