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SAN DIEGO, Aug. 12, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Pfenex Inc. ("Pfenex" or the "Company") (NYSE American: PFNX) breached their fiduciary duties in connection with the proposed sale of the Company to Ligand Pharmaceuticals Incorporated ("Ligand") (NASDAQ: LGND).
On August 10, 2020, Pfenex announced that it had entered into a definitive merger agreement with Ligand. Under the terms of the acquisition agreement, the Company's shareholders will receive $12.00 in cash for each share of PFNX common stock that they own. Additionally, PFNX shareholders will receive a one-time contingent value right of $2.00 ("CVR") in the event a predefined regulatory milestone is achieved by December 31, 2021.
The investigation concerns whether the Pfenex board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Pfenex shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst had a $20.00 price target on the stock.
If you are a shareholder of Pfenex and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP