MILWAUKEE, July 24, 2024 /PRNewswire/ — Ademi LLP is investigating Pieris (Nasdaq: PIRS) for possible breaches of fiduciary duty and other violations of law in its transaction with Palvella.
Click here to learn how to join our investigation https://www.ademilaw.com/case/pieris-pharmaceuticals-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
In the transaction, Pieris will issue shares of Pieris common stock to pre-merger Palvella stockholders as merger consideration in exchange for the cancellation of shares of capital stock of Palvella, and Palvella will become a wholly-owned subsidiary of Pieris. However, pre-merger Pieris stockholders are expected to own approximately 18% of the combined company and pre-merger Palvella stockholders are expected to own approximately 82% of the combined company, subject to adjustments and additional shares issued in a concurrent private placement. Pieris pre-merger stockholders will also be issued a contingent value right (CVR) representing the right to receive payments from, among other sources, proceeds received by the combined company, if any, under Pieris’ existing partnership agreements with Pfizer and Boston Pharmaceuticals.
The transaction agreement unreasonably limits competing transactions by Pieris as it imposes a significant penalty if Pieris accepts a competing bid. Pieris insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Pieris’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
If you own Pieris common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/pieris-pharmaceuticals-inc.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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