|Company name||Foamix Pharmaceuticals Ltd.|
NEW YORK, November 11, 2019 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of Foamix Pharmaceuticals Ltd. (NASDAQ: FOMX) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Menlo Therapeutics.
On November 11, 2019, Foamix announced that it had signed an agreement to merge with Menlo Therapeutics. Per the agreement, Foamix shareholders will receive 0.5924 shares of Menlo common stock for each share of Foamix common stock owned. Additionally, Foamix shareholders will receive a contingent stock right of up to 1.2082 shares of Menlo if Phase III trials of serlopitant fail to meet their primary endpoints at or before May 31, 2020. The deal is scheduled to close in the first quarter of 2020.
Bragar Eagel & Squire is concerned that Foamix’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Foamix stockholders.