BALA CYNWYD, PA / ACCESSWIRE / October 11, 2019 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Progenics Pharmaceuticals, Inc. ("Progenics" or "the Company") (NASDAQ GS:PGNX) for possible breaches of fiduciary duty and other violations of federal and state law in connection with proposed acquisition of the Company by Lantheus Holdings, Inc. ("Lantheus") (NASDAQ GS:LNTH). Under the terms of the agreement, Progenics shareholders will receive only 0.2502 shares of Lantheus stock for each share of Progenics common stock owned.
The investigation concerns whether the Progenics Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Lantheus is underpaying for the Company. The transaction may undervalue the Company and would result in a substantial loss for many Progenics shareholders. For example, as recently as June 2019, the stock was trading at $6.17 a share. Moreover, the reaction to the all-stock deal has been negative - Progenics stock dropped 5.5% in premarket trading on the day after the announcement and Lantheus stock suffered an immediate 18% drop, causing the value of the deal to plummet to approximately $4.72 a share.
If you own shares of Progenics stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/progenics-pharmaceuticals-inc-nasdaq-gspgnx/, or calling toll free 877-534-2590.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC