Micromet Under Investigation for Possible Breach of Fiduciary Duty
Posted on Jan 01, 2016
The health research company Micromet, Inc has recently come under fire for a possible breach of fiduciary duty. The company has agreed to be taken over by Amgen in a cash tender offer, possibly by the end of the first quarter this year. Included in the deal is the sale of all outstanding public shares in the company.
The investigation is set to determine if the Board of Directors of Micromet, Inc actively and dutifully shopped the market before agreeing to be taken over by Amgen. If it is discovered that the board has not made a full attempt to acquire the best stock prices for its shareholders, they may be in breach of their fiduciary duty. The shares will be priced around $11, but one independent analyst believes a properly researched sale could have received upwards of $12 per share. If this is discovered to be true, the Board of Directors could come under further scrutiny and possible legal action from Micromet, Inc’s shareholders.
Questions regarding this investigation and breach of fiduciary duty in general can be directed to The Law Offices of Jonathan M. Cooper. Consult their New York business lawyers in a free consultation, and order their book, 3 Reasons That Your Employment Agreement May Not Be Worth The Paper It's Printed On.