SAN DIEGO, March 17, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Provention Bio Inc. (Nasdaq – PRVB) breached their fiduciary duties in connection with the proposed sale of the Company to Sanofi (Nasdaq – SNY).
On March 13, 2023, Provention announced that it has entered into a definitive agreement to be acquired by Sanofi, in an all-cash transaction; Provention stockholders would receive $25.00 per share in cash.
The investigation concerns whether the Provention board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Provention shares of common stock.
Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given the $9.6 billion estimated global market opportunity for Type 1 diabetes drugs by 2030. TZIELD, which is currently going through the phase 3 PROTECT study, has the opportunity to increase market potential by targeting stage 3 newly diagnosed T1D patients. These results are expected in the 2nd half of 2023.
If you are a shareholder of Provention and believe the proposed buyout price is too low or you’re interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471