In the last trading session, the stock price of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) gained 0.02% to close at $23.70. The market cap of the firm stands at $4.61 billion. As per the latest update, WeissLaw LLP is probing possible violations of fiduciary duty and other breaches of law by the company’s Board related to the proposed acquisition of the firm by Takeda Pharmaceutical Company Limited.
Earlier in January, Takeda reported a definitive deal to buy all outstanding shares of Ariad Pharmaceuticals in a deal valued at almost $5.2 billion. As per the deal terms, the firm’s shareholders will get $24 in cash for each company’s share they own. WeissLaw is probing whether company’s Board acted to increase shareholder value prior to finalizing the deal.
Notably, the deal, which has been unanimously accepted by the Board of Directors of Ariad, is a strategic deal which heavily supports the interests of Takeda and its investors at the expense of company’s shareholders. As per Takeda’s CEO, the deal not only strengthens its role in hematology, it also boosts Takeda’s presence in the other notable segment which it plans on leveraging to record future growth.
Provided these facts, WeissLaw is probing whether Ariad’s Board acted in the interests of company’s public shareholders to increase shareholder value before entering into the deal. WeissLaw LLP has probed hundreds of shareholder class and derivative measures for breaches of corporate and fiduciary duties.
They have recovered more than billion dollars for defrauded customers and obtained vital corporate governance relief in several of these cases. Stockholders having any information or looking to seek legal advice related to possible corporate wrongdoing, including insider trading, accounting fraud, waste of corporate assets, or materially misleading information, customer fraud including false advertising, wrong products, or other deceptive business measures, or anti-trust violations, can approach the respective firm.