SAN DIEGO, Jan. 18, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of CoLucid Pharmaceuticals, Inc. (NASDAQ: CLCD) breached their fiduciary duties in connection with the proposed sale of the Company to Eli Lilly and Company. CoLucid is a biopharmaceutical company that develops small molecules for the acute treatment of migraines.
On January 18, 2017, CoLucid announced it had signed a definitive merger agreement with Eli Lilly. Under the terms of the agreement, Eli Lilly will acquire all shares of CoLucid Pharmaceuticals for a purchase price of $46.50 per share.
The investigation concerns whether the CoLucid board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for CoLucid shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $58 price target on the stock.
If you are a shareholder of CoLucid and believe the proposed buyout price is too low and you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP