SAN DIEGO, April 30, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of SteadyMed Ltd. (NASDAQ: STDY) ("SteadyMed") breached their fiduciary duties in connection with the proposed sale of the Company to United Therapeutics Corporation ("United Therapeutics"). SteadyMed operates as a specialty pharmaceutical company that focuses on the development and commercialization of drug product candidates for the treatment of orphan and other diseases with unmet parenteral delivery needs.
On April 30, 2018, SteadyMed announced that it had signed a definitive merger agreement with United Therapeutics. Under the terms of the agreement, United Therapeutics will acquire SteadyMed for $4.46 per share in cash at closing and an additional $2.63 per share in cash upon the achievement of a milestone related to the commercialization of Trevyent®.
The investigation concerns whether the SteadyMed 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 SteadyMed 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 $15.00 price target on the stock.
If you are a shareholder of SteadyMed 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 ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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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.
SOURCE Johnson Fistel, LLP