MILWAUKEE, April 28, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Furiex for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Furiex to Forest.
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Furiex's long-term financial outlook is very positive and yet Furiex shareholders will receive only $95 for each share of Furiex common stock, dramatically less than the $140 price target set by some analysts. Forest is well aware of Furiex's improving financial metrics and is purchasing Furiex at a substantial discount. The merger agreement unreasonably limits prospective bids for Furiex by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Furiex receive and accept a superior bid. Furiex insiders, their affiliates and other majority shareholders own significant stock of Furiex, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Furiex not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Furiex's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Furiex given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP