NEW YORK, Aug. 29, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Onyx Pharmaceuticals, Inc. ("Onyx" or the "Company") (NasdaqGS: ONXX) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Amgen (Nasdaq: AMGN).
Under the terms of the transaction, Onyx shareholders will receive $125.00 for each share of Onyx stock they own. The investigation concerns whether the Onyx Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Amgen is underpaying for Onyx shares. In particular, at least one analyst set a price target of $160.00 per Onyx share.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com