A lawsuit was filed by an investor in shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) in effort to stop the proposed takeover and NASDAQ:FURX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/12/2014 -- An investor who currently holds shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) filed a lawsuit in effort to halt the takeover of Furiex Pharmaceuticals by Forest Laboratories, Inc..
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 plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:FURX stockholders by agreeing to sell Furiex Pharmaceuticals Inc too cheaply via an unfair process to Forest Laboratories, Inc.
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.
Howerver, the plaintiff claims that the offer is too low and undervalues Furiex Pharmaceuticals, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:FURX shares at $140.00 per share. Furthermore, 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 8, 2014, NASDAQ:FURX shares closed at $104.79 per share.
Those who are current investors in Furiex Pharmaceuticals Inc (NASDAQ:FURX) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego