September 29, 2013
Bernstein Liebhard LLP is investigating whether the Board of Directors of Ambit Biosciences (“Ambit Biosciences” or the “Company”) (NASDAQ: AMBI) breached its fiduciary duty to its shareholders in agreeing to sell Ambit Biosciences to Daiichi Sankyo Company, Ltd.
Under the terms of the agreement, Ambit Biosciences shareholders will receive $15.00 in cash for each share they own. In addition to the upfront cash payment, each Ambit Biosciences stockholder will receive one Contingent Value Right (CVR), entitling the holder to receive an additional cash payment of up to $4.50 for each share they own if certain commercialization related milestones are achieved. The investigation is focused on the potential unfairness of the price to Ambit Biosciences shareholders and the process by which the Ambit Biosciences Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last twelve years.