NEW YORK, March 3, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Forty Seven, Inc. ("Forty Seven" or the "Company") (NASDAQ: FTSV) in connection with the proposed acquisition of the Company by Gilead Sciences, Inc. ("Gilead") (NASDAQ: GILD). Under the terms of the acquisition agreement, FTSV shareholders will receive $95.50 per share in an all-cash tender offer. The deal is scheduled to close in the second quarter of 2020.
If you own FTSV shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
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Joshua Rubin, Esq.
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New York, NY 10036
WeissLaw is investigating whether Forty Seven's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, the deal is a strategic transaction which will grant Gilead access to Forty Seven's investigational lead product candidate, Magrolimab. The product has recently presented "promising results in a Phase 1b study . . . . [and] has the potential to be a first-in-class therapy." Additionally, according to the acquisition announcement, the transaction will strengthen Gilead's immune-oncology research and development portfolio and will add "significant potential to [its] clinical pipeline."
Finally, the acquisition agreement contains a "no-shop" restriction which bars the Company from soliciting or discussing a better offer.
Given these facts, WeissLaw is concerned whether the proposed acquisition agreement undervalues the Company, whether the Board ran a fair process, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
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].
SOURCE WeissLaw LLP