NEW YORK, Sept. 8, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Cynapsus Therapeutics Inc. ("CYNA" or the "Company") in connection with the proposed acquisition of the Company by Sunovion Pharmaceuticals Inc. ("Sunovion"). On August 31, 2016, the Company announced that it had reached a definitive agreement for Sunovion to acquire all outstanding shares of CYNA in a transaction valued at approximately $624 million. Under the terms of the agreement, CYNA shareholders will receive $40.50 in cash for each CYNA share they own.
WeissLaw is investigating whether CYNA's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $50.00, or $9.50 above the offer price. Moreover, the Company recently announced that it was granted Fast-Track designation from the FDA for its APL-130277, a drug aimed at the treatment of Off Episodes in patients with Parkinson's Disease. Additionally, analysts anticipate positive clinical results for the drug, and expect sales to exceed $600 million upon approval.
Given these facts, WeissLaw is investigating whether CYNA's Board acted in the best interests of CYNA's public shareholders to maximize shareholder value prior to entering into the agreement. If you own CYNA shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP