NEW YORK, Jan. 12, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of NPS Pharmaceuticals, Inc. ("NPSP" or the "Company") by Shire plc ("Shire") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of NPSP for agreeing to sell the Company to Shire. On January 11, 2015, the Company announced it had reached a definitive agreement for Shire to acquire NPSP in a transaction valued at approximately $5.2 billion. Under the terms of the agreement, NPSP shareholders will receive $46.00 in cash for each NPSP share they own.
WeissLaw is investigating whether NPSP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 9.8% premium over the Company's January 9, 2015 closing price. Additionally, prior to the announcement of the deal, at least one analyst set a target price of $50.00 per share, or approximately $4.00 above the price offered by Shire.
Given these facts, WeissLaw is investigating whether NPSP's Board of Directors acted in the best interests of NPSP's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Shire. If you own NPSP 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 or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
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 protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP