Levi & Korsinsky Investigating Breach of Fiduciary Duty by Board of CuraGen (CRGN)
Late last night, Levi & Korsinsky announced that it is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of CuraGen Corporation (Nasdaq: CRGN) arising out of their attempt to sell the Company to Celldex Therapeutics Inc. (Nasdaq: CLDX).
Under the terms of the agreement, the transaction values CuraGen at approximately $94.5m, subject to certain adjustments. Given the number of outstanding shares of CuraGen stock, including exercised options, this values each share of CuraGen stock at approximately $1.55 per share. The price is unfair given that the Company currently has approximately $1.39 per share in cash and that at least one analyst has set a $3.00 price target on CuraGen shares. If you own common stock in CuraGen and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/crgn1.html.
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