WILMINGTON, Del., June 10, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of DARA BioSciences, Inc. (NASDAQ CM: DARA)?
- Did you purchase any of your shares prior to June 4, 2015?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of DARA BioSciences, Inc. ("DARA" or the "Company") (NASDAQ CM: DARA) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Midatech Pharma PLC ("Midatech").
Click here to learn more: http://rigrodskylong.com/investigations/dara-biosciences-inc-dara.
Under the terms of the agreement, shareholders of DARA will receive (i) 0.272 Ordinary Shares of Midatech, subject to certain adjustments described in more detail below, and (ii) one Contingent Value Right ("CVR"). All Midatech Ordinary Shares will be delivered to the holders of DARA Common Stock in the form of American Depositary Receipts ("ADRs"). Based on the current price of Midatech, each DARA share will be converted into ADRs with a value equivalent to approximately $1.20 per DARA share. The ADRs will be listed on NASDAQ. Current DARA stockholders are expected to own approximately 16% of Midatech after the closing of the transaction.
The investigation concerns whether DARA's board of directors failed to adequately shop the Company and obtain the best possible value for DARA's shareholders before entering into an agreement with Midatech.
If you own the common stock of DARA and purchased your shares before June 4, 2015, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to [email protected], or at: http://rigrodskylong.com/investigations/dara-biosciences-inc-dara.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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