STEVENSON, Md., May 14, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the Delaware Chancery Court on behalf of all common stockholders of Furiex Pharmaceuticals, Inc. ("Furiex" or the "Company") (Nasdaq:FURX) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to Furiex shareholders.
The complaint alleges that on April 28, 2014, the Company's board of directors caused Furiex to enter into a definitive agreement and plan of merger, pursuant to which Forest Laboratories, Inc. ("Forest") and Royal Empress, Inc. ("Royal Empress") will acquire all of the outstanding shares of Furiex common stock for approximately $95.00 per share in cash plus the right to receive up to $30.00 per share in a contingent value right. The claims asserted in the lawsuit concern whether the Company's Board of Directors breached their fiduciary duties to stockholders by failing to maximize shareholder value before agreeing to enter into this transaction, and whether Forest and Royal Empress are underpaying for Furiex shares.
The Complaint also alleges that by agreeing to certain deal protection devices in the merger agreement, the individual defendants have locked up the proposed transaction and have precluded other bidders from making successful competing offers for the Company.
If you currently own common stock of Furiex and would like to learn more about this lawsuit and your ability to participate as a plaintiff, without cost or obligation to you, click here: http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.