NEW YORK, Feb. 8, 2017 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of GenVec, Inc. ("GNVC" or the "Company") in connection with the proposed acquisition of the Company by Intrexon Corporation ("Intrexon"). Under the terms of the agreement, GNVC shareholders will receive 0.297 of a share of Intrexon for each share they own, representing consideration of $7.00 based on Intrexon's 5-day value weighted average price as of January 23, 2017. GNVC shareholders will also receive a right to contingent consideration equal to 50% of any milestones or royalty payments received within 36 months of closing of the transaction under GNVC's ongoing Research Collaboration and License Agreement with Novartis.
WeissLaw is investigating whether GNVC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, GNVC shares traded at $10.44 per share, or $3.44 above the consideration, as recently as January 10. Further, according to Intrexon, the acquisition of GNVC and its many proprietary and patent-protected technologies will "accelerate [Intrexon's] ability to develop cutting-edge gene therapies."
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell GNVC and whether GNVC shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own GNVC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/genvec-inc/
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SOURCE WeissLaw LLP