NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Pfenex Inc. (NYSE: PFNX) breached their fiduciary duties or violated the federal securities laws in connection with the company’s merger with Ligand Pharmaceuticals Inc. (NASDAQ: LGND).
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On August 10, 2020, Pfenex announced that it had signed an agreement to be acquired by Ligand for approximately $438 million. Pursuant to the merger agreement, Pfenex’s stockholders will receive $12 in cash for each share of Pfenex common stock owned. In addition, Ligand will also pay Pfenex stockholders $2 per share as a Contingent Value Right (CVR) in the event a predefined regulatory milestone is achieved by December 31, 2021. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Pfenex’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Pfenex’s stockholders.
If you own shares of Pfenex and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at firstname.lastname@example.org or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.