Levi & Korsinsky is investigating the Board of Directors of Poniard Pharmaceuticals, Inc. (“Poniard” or the “Company”) (NASDAQ: PARD) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to ALLOZYNE, Inc. 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 the transaction’s closing. The exchange ratio has been calculated using the 5-day average closing sales price of Poniard common stock prior to the merger announcement, or $0.2270 per share. Former Poniard shareholders are expected to own approximately 35% of the combined company on a fully diluted basis.
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The investigation concerns whether the Poniard Board of Directors breached their fiduciary duties to Poniard stockholders by failing to adequately shop the Company before entering into this transaction which is dilutive to Poniard shareholders. In particular, at least one analyst set a target price for Poniard stock at $1 per share.
If you own common stock in Poniard and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
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Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.