BALA CYNWYD, PA / ACCESSWIRE / August 11, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Pfenex Inc. ("Phenex" or the "Company") (NYSE:PFNX) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to be acquired by Ligand Pharmaceuticals Inc. ("Ligand") (Nasdaq - LGND). Under the terms of the agreement, Phenex shareholders will receive only $12.00 in cash for each share of Pfenex common stock owned, with the possibility of an additional $2.00 per share as a Contingent Value Right (CVR) in the event a predefined regulatory milestone is achieved by December 31, 2021.
The investigation concerns whether the Phenex Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Ligand is underpaying for the Company. For example, the deal price is below Phenex's 52-week high of $14.00 a share and the average 12-month analyst price target for Phenex is $16.75 a share.
If you own shares of Phenex 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 805, Bala Cynwyd, PA 19004, visit http://www.brodskysmith.com/cases/pfenex-inc-nyse-pfnx/, or call 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