The Impax Laboratories (NASDAQ:IPXL) Board of Directors is being investigated by the stock legal firm Brower Piven in regards to its impending merger with Amneal Pharmaceuticals.
Brower Piven is looking into prospective breaches of fiduciary duty and violations of state law by the Impax Board of Directors. The all-stock merger with Amneal will leave Impax shareholders with 25% of the new company’s shares and Amneal Holdings members with 75%.
The question has arisen whether Impax’s Board failed to satisfy their responsibilities to shareholders. Brower Piven is investigating whether the Board adequately pursued alternatives to the acquisition and whether they obtained the optimum price possible for the company’s shares of common stock.
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