NEW YORK, Sept. 8, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Cynapsus
Therapeutics Inc. ("CYNA" or the "Company") in connection with the
proposed acquisition of the Company by Sunovion Pharmaceuticals
Inc. ("Sunovion"). On August 31,
2016, the Company announced that it had reached a definitive
agreement for Sunovion to acquire all outstanding shares of CYNA in
a transaction valued at approximately $624
million. Under the terms of the agreement, CYNA
shareholders will receive $40.50 in
cash for each CYNA share they own.
WeissLaw is investigating whether CYNA's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $50.00, or $9.50
above the offer price. Moreover, the Company recently
announced that it was granted Fast-Track designation from the FDA
for its APL-130277, a drug aimed at the treatment of Off Episodes
in patients with Parkinson's Disease. Additionally, analysts
anticipate positive clinical results for the drug, and expect sales
to exceed $600 million upon
approval.
Given these facts, WeissLaw is investigating whether CYNA's
Board acted in the best interests of CYNA's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own CYNA 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
stockinfo@weisslawllp.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 stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP