SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Acer Therapeutics Inc. (Nasdaq – ACER)
BALA CYNWYD – August 31, 2023 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Acer Therapeutics Inc. (“Acer” or the “Company”) (Nasdaq – ACER) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Zevra Therapeutics, Inc. (“Zevra”) (Nasdaq – ZVRA). Under the terms of the definitive agreement, at closing, Zevra would issue 0.121 of a share of Zevra’s common stock in respect of each share of Acer’s common stock. In addition, Acer stockholders of record as of immediately prior to the effective time of the merger would receive non-transferable CVRs entitling the holders to receive up to $34 million in cash upon the achievement of certain commercial milestones for OLPRUVA, and up to an additional $42 million in cash upon the achievement of certain regulatory milestones for OLPRUVA and EDSIVO.
The investigation concerns whether the Acer Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Zevra is paying fair value to shareholders of the Company.
If you own shares of Acer stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.