NEW YORK, May 27, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Progenics Pharmaceuticals, Inc. ("Progenics" or the "Company") (NASDAQ: PGNX) in connection with the proposed acquisition of the company by Lantheus Holdings, Inc. ("LNTH") (NASDAQ: LNTH). Under the terms of the acquisition agreement, PGNX shareholders will receive 0.31 shares of LNTH for each PGNX share they own, representing implied per-share merger consideration of only $3.96 based on LNTH's May 26, 2020 closing price of $12.77.
If you own PGNX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether Progenics' board of directors acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, at least one analyst set a price target of $7.00 per PGNX share, or $3.04 above the implied per-share merger consideration.
Additionally, the Company recently reported positive financial results for the first quarter of 2020. Progenics announced revenue of $6.25 million, representing a remarkable growth of 46% year-over-year when compared to revenue of $4.28 million reported in the same period in the prior year. Finally, at close of the transaction PGNX shareholders will be in a minority position, owning only 40% of the combined company.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
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SOURCE WeissLaw LLP