NEW YORK, May 14, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ARMO BioSciences Inc. ("ARMO" or the "Company") (NASDAQ: ARMO) in connection with the proposed acquisition of the Company by Eli Lilly & Co. ("LLY") (NYSE: LLY). Under the terms of the acquisition agreement ARMO shareholders will receive $50.00 in cash for each share they own.
WeissLaw is investigating whether ARMO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $75.00 per share, or $25.00 above the offer price. Moreover, the deal is a strategic transaction that will expand LLY's drug portfolio and provide LLY a foothold in the very lucrative cancer immunotherapy industry.
Given these facts, WeissLaw is investigating whether ARMO's Board acted in the best interests of ARMO's public shareholders to maximize shareholder value prior to entering into the agreement. If you own ARMO 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 firstname.lastname@example.org.
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@example.com or fill out the form on our website, http://www.weisslawllp.com/armo-biosciences-inc/
SOURCE WeissLaw LLP