STEVENSON, Md., June 11, 2015 /PRNewswire/ -- The securities
litigation law firm of Brower Piven, A Professional Corporation,
has commenced an investigation into possible breaches of fiduciary
duty and other violations of state law by the Board of Directors of
DARA BioSciences, Inc. ("DARA" or the "Company") (NasdaqCM: DARA)
relating to the proposed buyout of the Company by Midatech Pharma
PLC.
Under the terms of the transaction, DARA shareholders are
anticipated to receive 0.272 Ordinary Shares of Midatech, subject
to certain adjustments and 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 transaction
may undervalue DARA and may result in a substantial loss for many
shareholders. For example, according to Yahoo!
Finance, at least one Wall Street analyst has issued a price
target for DARA stock at $2.00 per
share.
The firm's investigation seeks to determine, among other things,
whether the Company's Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company's shares of common
stock.
If you currently own common stock of DARA and believe that the
proposed buyout price is too low, or you would like to learn more
about the investigation being conducted by Brower Piven, please
visit our website at
http://www.browerpiven.com/currentinvestigations.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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SOURCE Brower Piven, A Professional Corporation