SAN DIEGO, May 10, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of ARMO BioSciences, Inc. (NASDAQ: ARMO)
breached their fiduciary duties in connection with the proposed
sale of the Company to Eli Lilly and Company ("Eli Lilly")
On May 10, 2018, ARMO announced
that it had signed a definitive merger agreement with Eli Lilly.
Under the terms of the agreement, Eli Lilly will acquire all
outstanding common shares of ARMO for $50.00 per share in cash.
The investigation concerns whether the ARMO board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the merger and whether
the board obtained the best price possible for ARMO shareholders.
Nationally recognized Johnson
Fistel is investigating whether the proposed deal represents
adequate consideration, especially given one Wall Street analyst
has a $75.00 price target on the
stock. The 52-week high for ARMO was $ 57.19.
If you are a shareholder of ARMO and believe the
proposed sale price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
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
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP