The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Foundation Medicine Inc (NASDAQ:FMI) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at Foundation Medicine Inc.
Investors who purchased shares of Foundation Medicine Inc (NASDAQ:FMI) and currently hold any of those NASDAQ:FMI shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Foundation Medicine officers and directors breached their fiduciary duties and caused damage to the company and its shareholders in connection with the sale of a majority stake in Foundation Medicine Inc to Roche Holding.
On January 12, 2015, Foundation Medicine Inc (NASDAQ:FMI) and Roche (SIX: RO, ROG; OTCQX: RHHBY) announced that they will enter into a broad strategic collaboration to further advance Foundation Medicine’s market-leading position in molecular information and genomic analysis while providing Roche a unique opportunity to optimize the identification and development of novel treatment options for cancer patients.
Foundation Medicine Inc said that Roche will acquire a majority interest in Foundation Medicine Inc of up to 56.3% on a fully diluted basis through a tender and acquisition of newly issued shares. Foundation Medicine Inc said that Roche will tender for approximately 15.6 million Foundation Medicine Inc shares at USD 50 per share with an aggregate tender value of approximately USD 780 million and that Roche will also invest USD 250 million in Foundation Medicine Inc by acquiring 5 million newly issued shares at USD 50per share.
However, given that shares of Foundation Medicine Inc (NASDAQ:FMI) jumped on January 12, 2015, to as high as $54.28 per share and that at least one analyst has set the high target price for NASDAQ:FMI shares at $67 per share, the investigation concerns whether the consideration to be paid is adequate, and whether Foundation Medicine is acting in shareholders’ best interest by agreeing to the transaction.
On February 27, 2015, NASDAQ:FMI shares closed at $48.83 per share.
Those who purchased shares of Foundation Medicine Inc (NASDAQ:FMI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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