NEW YORK, Nov. 12, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Foamix Pharmaceuticals Ltd. ("FOMX" or the "Company") (FOMX) in connection with the proposed acquisition of the Company by Menlo Therapeutics, Inc. ("MNLO") (MNLO). Under the terms of the acquisition agreement, FOMX shareholders will receive 0.5924 shares of MNLO and a contingent stock right for each FOMX share they own.
If you own FOMX 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 FOMX's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the deal is a strategic transaction from which MNLO will derive numerous benefits. According to the acquisition announcement, the deal establishes a dermatology-focused company backed by FMOX's broad portfolio of products and late-stage dermatology assets. Included among these assets is AMZEEQ, the first topical formulation of minocycline approved by the FDA for the treatment of inflammatory lesions of non-nodular moderate-to-severe acne vulgaris. The Company also recently submitted a New Drug Application for FMX103, a topical treatment for moderate-to-severe papulopustular rosacea, with an anticipated FDA Prescription Drug User Fee Act action date of June 2, 2020.
Finally, the acquisition will also grant MNLO access to FMOX's robust sales and marketing infrastructure which "will provide meaningful leverage to potential launches for product candidates."
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@example.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-foamix-pharmaceuticals-ltd-300956817.html