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Lawsuit filed for Investors in shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) in effort to Halt the Takeover

05-23-2020 02:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed for investors in shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX).

A lawsuit was filed for investors in shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX).

The Shareholders Foundation announced that an investor, who currently holds shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), filed a lawsuit against the takeover of Progenics Pharmaceuticals, Inc.

Investors who purchased shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) and currently hold any of those NASDAQ: PGNX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: PGNX stockholders.

New York based Progenics Pharmaceuticals, Inc., an oncology company, develops, manufactures, and commercializes pharmaceutical products and other technologies to target, diagnose, and treat cancer cancer in the United States and internationally. Progenics Pharmaceuticals, Inc. reported that its annual Total Revenue rose from $11.69 million in 2017 to $15.62 million in 2018.

On October 2, 2019 -- Lantheus Holdings, Inc. (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. and Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) announced an agreement for Lantheus to acquire Progenics in an all-stock transaction. Under the terms of the agreement, Lantheus Holdings will acquire all of the issued and outstanding common shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) stock at a fixed exchange ratio. Progenics shareholders will receive 0.2502 shares of Lantheus Holdings stock for each share of Progenics stock. Based on a closing price of $24.03 per NASDAQ: LNTH share, investors in Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) will receive a value of approximately $6.01 per share.

However, the plaintiff alleges that the Form S-4 Registration Statement filed with the Securities and Exchange Commission violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company's financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to Progenics shareholders.

At least one analyst has set the high target price for NASDAQ: PGNX shares at $14.00 per share.

Those who are current investors in Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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