NEW YORK, April 28, 2014 /PRNewswire/ -- Morgan & Morgan announces that it is investigating the Board of Directors of Furiex Pharmaceuticals, Inc. ("Furiex" or the "Company") (NASDAQ: FURX) concerning the proposed acquisition by Forex Laboratories, Inc.
Under the terms of the proposal, Furiex shareholders will receive $95.00 in cash for each share of Furiex stock that they own plus a Contingent Value Right worth up to $30.00 for each share they own. The total transaction is valued at approximately $1.5 billion.
Our investigation concerns possible breaches of fiduciary duty and other violations of law by Furiex's Board of Directors for not acting in the best interest of Company's shareholders in connection with the sale process.
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SOURCE Morgan & Morgan