WeissLaw LLP Files a Class Action Lawsuit Challenging the Acquisition of Onyx
Pharmaceuticals, Inc. by Amgen Inc. -- ONXX
NEW YORK, Aug. 30, 2013 (GLOBE NEWSWIRE) -- WeissLaw LLP, a leading
shareholder rights law firm, announces that it has filed a class action
complaint in the Delaware Court of Chancery challenging the proposed
acquisition of Onyx Pharmaceuticals, Inc. (Nasdaq:ONXX) by Amgen Inc.
The Complaint Challenges the Inadequate Price to Be Paid to Onyx Shareholders
The complaint focuses on the failure of Onyx's Board of Directors to maximize
value for its shareholders. Specifically, the complaint alleges:
*despite the Company publicly rejecting Amgen's unsolicited proposal to
acquire Onyx for $120 per share, on June 30, 2013, proclaiming that "Onyx
has tremendous momentum" and that the "price proposed by Amgen
significantly undervalued Onyx and its prospects, and was not in the best
interest of Onyx and its shareholders", now, less than two months later,
the Board has agreed to sell the Company for a mere $5 per share over the
admittedly "significantly" inadequate price of $120;
*the $125 offer price represents a discount to Onyx's closing price of
$125.90, as recently as August 14, 2013, and a significant discount to
Onyx's closing price of $136.03 on July 5, 2013; and
*the $125 offer price is significantly below target prices for the
Company's stock set by analysts after Amgen's unsolicited $120 offer was
announced, with a high target set at $160, with one analyst noting that
the acquisition is "a steal for Amgen."
Given these facts, and Onyx shareholder represented by WeissLaw LLP filed the
complaint challenging Onyx's Board's decision to sell the Company to Amgen now
rather than allow shareholders to continue to participate in the Company's
continued success and future growth prospects.
Onyx shareholders have the option to join theclass action lawsuitto secure
the best possible price for Onyx shareholders and the disclosure of material
information so Onyx shareholders can make a fully informed decision with
respect to the acquisition.
If you own Onyx shares and would like more information about your rights or
our lawsuit, please contact Michael Rogovin or Joshua Rubin either by
telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative
actions for violations of corporate and fiduciary duties.We have recovered
over a billion dollars for defrauded clients and obtained important corporate
governance relief in many of these cases.If you have information or would
like legal advice concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially misleading
information), consumer fraud (including false advertising, defective products,
or other deceptive business practices), or anti-trust violations, please email
us at firstname.lastname@example.org or fill out the form on our website,
Attorney Advertising.Past results do not guarantee a similar outcome.
CONTACT: WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
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