Ademi LLP is investigating ImmunoGen, Inc. (NASDAQ: IMGN) for possible breaches of fiduciary duty and other violations of law in its transaction with AbbVie.
In the transaction, ImmunoGen stockholders are expected to receive only $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of approximately $10.1 billion. The transaction agreement unreasonably limits competing transactions for ImmunoGen by imposing a significant penalty if ImmunoGen accepts a competing bid. ImmunoGen insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of ImmunoGen’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.