NEW YORK, Oct. 4, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Progenics Pharmaceuticals, Inc. ("Progenics" or the "Company") (PGNX) in connection with the proposed acquisition of the Company by Lantheus Holdings, Inc. ("LNTH") (LNTH). Under the terms of the acquisition agreement, PGNX shareholders will receive 0.2502 shares of LNTH for each PGNX share they own, representing consideration of $4.76 based on LNTH's October 2 closing price.
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 acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, the per-share consideration is nearly $10.00 less than the analyst target price of $14.00.
Moreover, the Company recently announced positive financial results for the second quarter of 2019. According to the Company's President and CEO, "[w]e are excited to report significant progress across our entire portfolio, with commercial, clinical, and business development achievements forming a strong foundation for near-term growth."
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
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