NEW YORK, Aug. 25, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Proteostasis Therapeutics, Inc. ("PTI" or the "Company") (NASDAQ: PTI) in connection with the Company's proposed merger with Yumanity Therapeutics, Inc. ("Yumanity"), a pharmaceutical company engaged in the development of treatment and disease modification for Parkinson's disease. Under the terms of the merger agreement, which is structured as a reverse merger, PTI will acquire all outstanding shares of Yumanity in exchange for newly-issued shares of PTI common stock. At close of the transaction, PTI will cease to exist and the newly combined entity will operate under the Yumanity name. Following consummation, existing PTI shareholders will own a meager 32.5% of the new entity, with Yumanity shareholders retaining a 67.5% stake in the combined company.
If you own PTI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether PTI's board satisfied its fiduciary duties to its shareholders by conducting a fair and diligent process, agreeing to an equity split that provides fair value to PTI shareholders, and whether all information regarding the process leading to the proposed transaction and valuation of the deal will be fully and fairly disclosed to PTI shareholders. These issues are of particular concern in light of the fact that existing PTI shareholders will only retain a 32.5% ownership of the combined company.
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