BOSTON, April 23, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of Ardea Biosciences, Inc. ("Ardea" or the "Company") (Nasdaq: RDEA) with regards to the proposed acquisition of the Company by AstraZeneca PLC for $32.00 per share which represents a total cash value of approximately $1.26 billion.
Block & Leviton's investigation seeks to determine, among other things, whether Ardea's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. The Company's share price had traded as high as $29.06 per share as recently as April 2011. Moreover, at least one analyst has target price of $40.00 per share for Ardea common stock.
If you are an Ardea shareholder and have information relevant to this matter or have questions about your legal rights, please contact Jason M. Leviton of Block & Leviton at (617) 398-5620 or email him at Jason@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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SOURCE Block & Leviton LLP