An investigation on behalf of investors of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) in connection with the proposed takeover was announced and NASDAQ: PGNX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/21/2019 -- An investigation was announced concerning whether the takeover of Progenics Pharmaceuticals, Inc. is unfair NASDAQ: PGNX stockholders.
Investors who purchased shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) and currently hold any of those NASDAQ: PGNX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Progenics Pharmaceuticals, Inc. breached their fiduciary duties owed to NASDAQ: PGNX investors in connection with the proposed acquisition.
New York based Progenics Pharmaceuticals, Inc., an oncology company, develops, manufactures, and commercializes pharmaceutical products and other technologies to target, diagnose, and treat cancer cancer in the United States and internationally. Progenics Pharmaceuticals, Inc. reported that its annual Total Revenue rose from $11.69 million in 2017 to $15.62 million in 2018.
On October 2, 2019 -- Lantheus Holdings, Inc. (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. and Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) announced an agreement for Lantheus to acquire Progenics in an all-stock transaction. Under the terms of the agreement, Lantheus Holdings will acquire all of the issued and outstanding common shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) stock at a fixed exchange ratio. Progenics shareholders will receive 0.2502 shares of Lantheus Holdings stock for each share of Progenics stock. Based on a closing price of $24.03 per NASDAQ: LNTH share, investors in Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) will receive a value of approximately $6.01 per share.
However, given that at least one analyst has set the high target price for NASDAQ: PGNX shares at $14.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: PGNX stockholders. More specifically, the investigation concerns whether the Progenics 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.
Those who are current investors in Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.