Ademi LLP is investigating Dicerna (Nasdaq: DRNA), for possible breaches of fiduciary duty and other violations of law in its transaction with Novo Nordisk.
Ademi LLP alleges Dicerna’s financial outlook and prospects are excellent and yet Dicerna shareholders will receive only $38.25 per share in cash, which represents a total equity value of $3.3 billion. The merger agreement unreasonably limits competing bids for Dicerna by prohibiting solicitation of further bids, and imposing a significant penalty if Dicerna accepts a superior bid. Dicerna insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Dicerna’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 Dicerna.