NEW YORK, May 19, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of IDM Pharma, Inc. ("IDM Pharma") or the "Company") (Nasdaq:IDMI) arising out of their attempt to sell the Company to Takeda Pharmaceutical Co. Under the terms of the agreement, shareholders of IDM Pharma will receive $2.64 per share for a transaction value of approximately $66.7 million. The transaction is unfair, given that, among other things, the Company's shares traded above $2.60 per share as recently as March 23, 2009 and above $3.40 per share as recently as September 22, 2008. Also, the process the Company conducted was flawed because owners of approximately 55% of the outstanding shares already agreed to tender their shares and the Company agreed to a non-solicitation provision that will all but ensure that no superior offer will ever be forthcoming. If you own common stock in IDM Pharma and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/idmi1.html.
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.