April 23, 2012
Bernstein Liebhard LLP is investigating whether the Board of Directors of Ardea Biosciences, Inc. (“Ardea” or the “Company”) (NASDAQ: REDA) breached its fiduciary duty to its shareholders in agreeing to sell Ardea to AstraZeneca PLC (NYSE: AZN).
Under the terms of the agreement, Ardea shareholders will receive $32.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Ardea shareholders and the process by which the Ardea Board of Directors considered and approved the transaction.
Bernstein Liebhard 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 nine years.