Law Office of Brodsky & Smith, LLC Announces Investigation of Poniard Pharmaceuticals, Inc.
23 Juni 2011 - 1:06AM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Poniard Pharmaceuticals, Inc. (“Poniard” or the “Company”) (Nasdaq
– PARD) relating to the proposed merger with ALLOZYNE, Inc., a
privately held biotechnology company.
Under the terms of the transaction, Poniard will issue shares of
its common stock to ALLOZYNE stockholders based on an exchange
ratio to be determined prior to closing of the transaction. Under
the exchange ratio formula in the merger agreement, the former
ALLOZYNE stockholders are expected to own approximately 65 percent
of the combined company, and the former Poniard shareholders are
expected to own approximately 35 percent of the combined company.
The investigation concerns possible breaches of fiduciary duty and
other violations of state law by the Board of Directors of Poniard
by not acting in Poniard shareholders' best interests in connection
with the proposed merger given the dilutive impact the deal will
have on the shares held by current Poniard holders.
If you own shares of Poniard stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L. Brodsky, Esquire or Evan J.
Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, visiting
http://brodsky-smith.com/304-pard-poniard-pharmaceuticals-inc.html,
or by calling toll free 877-LEGAL-90.
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