WILMINGTON, Del., June 10, 2015 /PRNewswire/ -- Rigrodsky
& Long, P.A.:
- Do you own shares of DARA BioSciences, Inc. (NASDAQ CM:
DARA)?
- Did you purchase any of your shares prior to June 4, 2015?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating
potential legal claims against the board of directors of DARA
BioSciences, Inc. ("DARA" or the "Company") (NASDAQ CM: DARA)
regarding possible breaches of fiduciary duties and other
violations of law related to the Company's entry into an agreement
to be acquired by Midatech Pharma PLC ("Midatech").
Click here to learn more:
http://rigrodskylong.com/investigations/dara-biosciences-inc-dara.
Under the terms of the agreement, shareholders of DARA will
receive (i) 0.272 Ordinary Shares of Midatech, subject to certain
adjustments described in more detail below, and (ii) one Contingent
Value Right ("CVR"). All Midatech Ordinary Shares will be
delivered to the holders of DARA Common Stock in the form of
American Depositary Receipts ("ADRs"). Based on the current
price of Midatech, each DARA share will be converted into ADRs with
a value equivalent to approximately $1.20 per DARA share. The ADRs will be
listed on NASDAQ. Current DARA stockholders are expected to own
approximately 16% of Midatech after the closing of the
transaction.
The investigation concerns whether DARA's board of directors
failed to adequately shop the Company and obtain the best possible
value for DARA's shareholders before entering into an agreement
with Midatech.
If you own the common stock of DARA and purchased your shares
before June 4, 2015, if you have
information or would like to learn more about these claims, or if
you wish to discuss these matters or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Seth D.
Rigrodsky or Gina M. Serra at
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803, by telephone
at (888) 969-4242; by e-mail to info@rl-legal.com, or at:
http://rigrodskylong.com/investigations/dara-biosciences-inc-dara.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, on behalf of
shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
To view the original version on PR Newswire,
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SOURCE Rigrodsky & Long, P.A.