(PRVL Alert) Johnson Fistel Investigates Proposed Sale of Prevail; Are Shareholders Getting a Fair Deal?
SAN DIEGO, Dec. 22, 2020 /PRNewswire/ —
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Prevail Therapeutics Inc. (“Prevail” or the “Company”) (NASDAQ: PRVL) breached their fiduciary duties in connection with the proposed sale of the Company to Eli Lilly and Company (NYSE: LLY) (“Eli Lilly” or the “Company”).
On December 15, 2020, Prevail announced that it had entered into a definitive merger agreement with Eli Lilly. Under the terms of the merger agreement, Prevail shareholders will receive only $22.50 per share in cash, plus one non-tradable contingent value right (“CVR”) worth up to $4.00 per share in cash if certain milestones are reached.
The investigation concerns whether the Prevail board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Prevail shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given that one Wall Street analyst has a $26 price target on the stock.
If you are a shareholder of Prevail and believe the proposed buyout price is too low or you’re interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.