NEW YORK, May 19, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Stemline Therapeutics, Inc. (NASDAQ: STML) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Menarini Group.
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On May 4, 2020, Stemline announced that it had signed an agreement to be acquired by Menarini for up to $677 million through a tender offer effected by certain Menarini affiliates. According to the merger agreement, Stemline’s stockholders will receive $11.50 in cash and the chance to receive an additional $1.00 per share upon the first sale of ELZONRIS in any EU5 country after European Commission approval.
Menarini launched the tender offer on May 12, 2020, and it is scheduled to expire on June 9, 2020. The deal is scheduled to close in the second half of 2020. If the deal goes through, Stemline will no longer be an independent, publicly-held company, and its stockholders will lose the opportunity to share in its potential long-term success.
Bragar Eagel & Squire is concerned that Stemline’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Specifically, the deal appears to have been driven by outside financial interests, and the financial analyses offered in support of the deal price raises many concerns. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Stemline’s stockholders.
If you own shares of Stemline and are concerned about the proposed merger, or you’re interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at firstname.lastname@example.org or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.