NEW YORK, May 27, 2020 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the board of directors of Progenics
Pharmaceuticals, Inc. ("Progenics" or the "Company") (NASDAQ: PGNX)
in connection with the proposed acquisition of the company by
Lantheus Holdings, Inc. ("LNTH") (NASDAQ: LNTH). Under the
terms of the acquisition agreement, PGNX shareholders will receive
0.31 shares of LNTH for each PGNX share they own, representing
implied per-share merger consideration of only $3.96 based on LNTH's May
26, 2020 closing price of $12.77.
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:
http://www.weisslawllp.com/progenics-pharmaceuticals-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether Progenics' board of directors
acted to maximize shareholder value prior to entering into the
acquisition agreement. Notably, at least one analyst set a
price target of $7.00 per PGNX share,
or $3.04 above the implied per-share
merger consideration.
Additionally, the Company recently reported positive financial
results for the first quarter of 2020. Progenics announced
revenue of $6.25 million,
representing a remarkable growth of 46% year-over-year when
compared to revenue of $4.28 million
reported in the same period in the prior year. Finally, at
close of the transaction PGNX shareholders will be in a minority
position, owning only 40% of the combined company.
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
stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP