NEW YORK, July 12, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Sagent Pharmaceuticals, Inc. ("SGNT" or the "Company") in connection with the proposed acquisition of the Company by Nichi-Iko Pharmaceutical Co. ("Nichi-Iko"). On July 11, 2016, the Company announced that it had reached a definitive agreement for Nichi-Iko to acquire all outstanding shares of SGNT in a transaction valued at $736 million. Under the terms of the agreement, SGNT shareholders will receive $21.75 in cash for each SGNT share they own.
WeissLaw is investigating whether SGNT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $25.00 per share, or $3.25 above the offer price. Additionally, the offer price is also approximately $5.00 less than the Company's 52-week high of $26.47.
Given these facts, WeissLaw is investigating whether SGNT's Board acted in the best interests of SGNT's public shareholders to maximize shareholder value prior to entering into the agreement. If you own SGNT 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 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/.
SOURCE WeissLaw LLP