Ademi LLP is investigating Oyster Point Pharma (NASDAQ: OYST) for possible breaches of fiduciary duty and other violations of law in its transaction with Viatris.
Ademi LLP alleges Oyster Point Pharma’s financial outlook and prospects are excellent and yet Oyster Point Pharma holders will receive only $11.00 per share in cash at closing, plus a contingent value right for a potential cash payment of up to $2.00 per share upon achievement of specified performance targets by Oyster Point Pharma for full year 2022. The transaction agreement unreasonably limits competing bids for Oyster Point Pharma by imposing a significant penalty if Oyster Point Pharma accepts a superior bid. Oyster Point Pharma insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Oyster Point Pharma’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Oyster Point Pharma.