MONSEY, N.Y., Dec. 21, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the $1.16 per share in cash, plus a contingent value right (“CVR”) for up to $0.17 per share in cash, at which Rain Oncology, Inc. (Nasdaq: RAIN) (“RAIN”) has agreed to be sold to Pathos AI, Inc. (“Pathos”) via a tender offer.
If you remain a RAIN shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/rain-oncology/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On December 13, 2023, RAIN announced that it had agreed to be sold to Pathos via a tender offer at a price of $1.16 per share of in cash, plus a CVR for up to $0.17 per share in cash upon achievement of certain cash balance and clinical milestones.
“We are investigating whether the RAIN Board of Directors acted in the best interests of RAIN shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes the terms of the CVR, including the probability that the milestones will be achieved within the timelines specified.”
Notably, the deal price is well below RAIN’s 52-week high of $14.48 per share, which indicates the transaction may be opportunistic to take advantage of RAIN’s setback earlier this year when it announced that its lead product candidate, milademetan, did not reach the primary endpoint in a Phase 3 trial for patients with liposarcoma, a rare type of cancer.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
