NEW YORK, July 17, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Receptos, Inc. ("RCPT" or the "Company") by Celgene Corporation ("Celgene") 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 RCPT for agreeing to sell the Company to Celgene. On July 14, 2015, the Company announced it had reached a definitive agreement for Celgene to acquire RCPT in a transaction valued at approximately $7.2 billion. Under the terms of the agreement, RCPT shareholders will receive $232.00 in cash for each RCPT share they own.
WeissLaw is investigating whether RCPT's Board acted to maximize shareholder value prior to entering into the agreement. Prior to the announcement, at least one analyst set a target price of $348 per RCPT share, or $116 above the offer price. Additionally, the Company's drug ozanimod, entering into its final trials for use, could generate up to $6 billion in sales.
Given these facts, WeissLaw is investigating whether RCPT's Board acted in the best interests of RCPT's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Celgene. If you own RCPT 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 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