Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Poniard Pharmaceuticals, Inc. (“Poniard” or the “Company”) (Nasdaq – PARD) relating to the proposed merger with ALLOZYNE, Inc., a privately held biotechnology company.
Under the terms of the transaction, Poniard will issue shares of its common stock to ALLOZYNE stockholders based on an exchange ratio to be determined prior to closing of the transaction. Under the exchange ratio formula in the merger agreement, the former ALLOZYNE stockholders are expected to own approximately 65 percent of the combined company, and the former Poniard shareholders are expected to own approximately 35 percent of the combined company. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Poniard by not acting in Poniard shareholders' best interests in connection with the proposed merger given the dilutive impact the deal will have on the shares held by current Poniard holders.
If you own shares of Poniard stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/304-pard-poniard-pharmaceuticals-inc.html, or by calling toll free 877-LEGAL-90.