The US oncology company, Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) is under investigation by WeissLaw LLP due to infringement of the legal duty of a fiduciary by the board of directors of the company, which is in link with the recent acquisition by Takeda Pharmaceuticals Company Limited.
Takeda stated as on 9 January 2017 that, a defined paperwork shall be carried out to takeover all the outstanding shares of the former company, Ariad which amounts to $5.2 billion.
It is important to note here that Takeda, a Japanese drug company, is becoming powerful by acquiring Massachusetts based companies. The Ariad and Takeda deal has been under radar ever since its announcement.
The problem on account of shareholders
Meanwhile, the company’s shareholders are only entitled to get $24 in cash for any share they own of Ariad. The matter of fact is whether the management prompted to maximise the worth before getting in the legal matter is being investigated by WeissLaw. Due the unanimous voting in the acquisition by Ariad, it has become a huge benefit for Takeda. This monetary leverage will make their position more powerful but also help them in swelling its working arena and can spend more in their cancer and tumor segments.
With the details in hand, the law firm is only trying to understand whether the firm acted in the most beneficial interest for the public who withheld its shares, or not. As a result, the Ariad shareholders are asked to approach the company in relation to the matter.
Working for the shareholders’ stand
The company, which is investigating for Ariad, is one of the finest law firms and have taken effective and immediate measures for companies which were doing illegal practices.
WeissLaw is also calling for suggestions or information that anyone has, which would be useful for the public interest. The law firm’s contact address and number can be accessed through the official website.