NEW YORK, June 18, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Array BioPharma ("Array" or the "Company") (ARRY) in connection with the proposed acquisition of the Company by Pfizer Inc. ("Pfizer") (PFE). Under the terms of the agreement, Array shareholders will receive $48 per share in cash for each ARRY share they own.
If you are a shareholder of Array who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
Joshua Rubin, Esq.
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WeissLaw is investigating whether Array's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the acquisition is a strategic transaction which Pfizer hopes to leverage ARRY's wide range of targeted cancer medicines to propel it as an industry leader. According to Albert Bourla, Pfizer's CEO, the deal will strengthen Pfizer's "innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry leading franchise for colorectal cancer." The deal will also expand Pfizer portfolio to include multiple high-potential investigational therapies and numerous royalty-generating out-licensed medicines.
Finally, the Company recently announced positive financial results, reporting robust US demand for its marquee products with over $35 million in net sales, and a more than 200% increase in ARRY's share price since January.
WeissLaw is also concerned whether the deal creates shareholder value for Array's shareholder. Specifically, WeissLaw is investigating whether Array's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger 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@example.com
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