NEW YORK, March 17, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Tetraphase Pharmaceuticals, Inc. ("TTPH" or the "Company") (NASDAQ: TTPH) in connection with the proposed acquisition of the Company by AcelRX Pharmaceuticals, Inc. ("ACRX") (NASDAQ: ACRX). Under the terms of the acquisition agreement, shareholders will receive 0.6303 shares of ACRX common stock for each share of TTPH they own. This represents consideration of $0.529 per TTPH share based on ACRX March 16 closing price.
If you own TTPH shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Joshua Rubin, Esq. WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888) 593-4771 [email protected]
WeissLaw is investigating whether TTPH's board of directors acted to maximize shareholder value prior to entering into the acquisition agreement, and whether TTPH shareholders have enough information to cast a fully informed vote on the proposed transaction. Notably, at least one analyst set a target price of $1.50 per TTPH share, or approximately $1.00 above the per-share consideration.
Moreover, the deal strategic transaction through which ACRX hopes to leverage TTPH's "well-established U.S. salesforce and a high-growth hospital product" to optimize the efficiency of the commercialization of its DSUVIA drug.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, 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]