Arena Pharmaceuticals, Inc.

Practice Area: 
Stock Symbol: 
Case Status: 

Ademi LLP is investigating Arena (Nasdaq: ARNA), for possible breaches of fiduciary duty and other violations of law in its transaction Pfizer.

Ademi LLP alleges Arena’s financial outlook and prospects are excellent and yet Arena shareholders will receive only $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion. The merger agreement unreasonably limits competing bids for Arena by prohibiting solicitation of further bids, and imposing a significant penalty if Arena accepts a superior bid. Arena insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Arena’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Arena.