NEW YORK, April 24, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Ardea Biosciences, Inc. ("Ardea" or the "Company") (Nasdaq: RDEA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to AstraZeneca. Under the terms of the agreement, Ardea shareholders will receive $32 per share. The transaction has a total approximate value of $1.26 billion.
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The investigation concerns whether the Ardea Board of Directors breached their fiduciary duties to Ardea stockholders by failing to adequately shop the Company before entering into this transaction and whether AstraZeneca is underpaying for Ardea shares, thus unlawfully harming Ardea stockholders. In particular, at least one analyst set a price target for Ardea stock at $40.00 per share.If you own common stock in Ardea and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. 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 securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP