SAN DIEGO, May 4, 2020 /PRNewswire/ --
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Stemline Therapeutics, Inc. (NASDAQ: STML) ("Stemline" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Menarini Group.
On May 4, 2020, Stemline announced that it had signed a definitive merger agreement with Menarini Group. Under the terms of the deal, Stemline shareholders will receive $11.50 in cash and one non-tradeable Contingent Value Right or CVR that entitles the holder to an additional $1 in cash upon completion of the first sale of Elzonris in any EU5 country after European Commission approval.
The investigation concerns whether the Stemline 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 Stemline 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 $41.00 price target on the stock. The 52-week high for Stemline was $18.22.
If you are a shareholder of Stemline and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
Additionally, you can [Click here to join this action]. There is no cost or obligation to you.
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 https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP