SAN DIEGO, Sept. 18, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Senomyx, Inc. (NASDAQ: SNMX) breached their fiduciary duties in connection with the proposed sale of the Company to Firmenich Incorporated ("Firmenich"). Senomyx discovers, develops, and commercializes flavor ingredients and natural high intensity sweeteners primarily for the packaged food, beverage, and ingredient supply industries in the United States.
On September 17, 2018, Senomyx announced that it had signed a definitive merger agreement with Firmenich. Under the terms of the agreement, Senomyx shareholders will receive $1.50 in cash for each share of common stock they hold.
The investigation concerns whether the Senomyx board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Senomyx shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $2.00 price target on the stock. Additionally, Senomyx has over $14 million in cash and no long-term debt. The 52-week high for Senomyx stock was $1.71.
If you are a shareholder of Senomyx and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP