An investigation on behalf of investors of Furiex Pharmaceuticals Inc (NASDAQ:FURX) in connection with the proposed takeover was announced and NASDAQ:FURX stockholders should contact the Shareholders Foundation
San Diego, CA -- (SBWIRE) -- 05/05/2014 -- An investigation on behalf of investors, who currently hold shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) shares, was announced concerning whether the takeover of Furiex Pharmaceuticals by Forest Laboratories, Inc is unfair to NASDAQ:FURX stockholders.
Investors who purchased shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) and currently hold any of those NASDAQ:FURX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Furiex Pharmaceuticals Inc breached their fiduciary duties owed to NASDAQ:FURX investors in connection with the proposed acquisition.
On April 28, 2014, Forest Laboratories, Inc. (NYSE:FRX) and Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) announced that Forest Laboratories, Inc has entered into an agreement to acquire Furiex Pharmaceuticals, Inc. for $95 per share, or approximately $1.1 billion in cash, and up to $30 per share (approximately $360 million in aggregate) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex Pharmaceuticals, Inc.'s lead product, as a controlled drug following approval.
owever, given that at least one analyst has set the high target price for NASDAQ:FURX shares at $140.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:FURX stockholders. More specifically, the investigation concerns whether the Furiex Pharmaceuticals Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Furiex Pharmaceuticals Inc reported that its annual Total Revenue rose from $4.49 million in 2011 to $71 million in 2013 and that its respective Net Loss declined from $48.98 million to $29.67 million. Shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) grew from $9.80 per share in August 2010 to as high as $113.55 per share in February 2014.
On May 1, 2014, NASDAQ:FURX shares closed at $103.46.
Those who are current investors in Furiex Pharmaceuticals Inc (NASDAQ:FURX) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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