MONSEY, N.Y., June 24, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera”) to ANI Pharmaceuticals (“ANI”) for $5.50 per share in cash, plus a contingent value right (CVR) of $0.50 per share upon the achievement of certain net revenue milestones. The cash component of the sales price is below the price target for Alimera of (i) $10.00 per share of Maxim Group analyst Naz Rahman, and (ii) $6.00 per share of H.C. Wainwright analyst Yi Chen (source: TipRanks).
If you remain an Alimera 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/alimera-sciences/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On June 24, 2024, Alimera announced that it had agreed to be sold to ANI for $5.50 per share in cash, plus a CVR of $0.50 per share payable upon the achievement of certain net revenue targets in 2026 and 2027.
“We are investigating whether the Alimera Board of Directors acted in the best interests of Alimera shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Alimera shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the cash component of the sales price is below the price target for Alimera of (i) $10.00 per share of Maxim Group analyst Naz Rahman, and (ii) $6.00 per share of H.C. Wainwright analyst Yi Chen (source: TipRanks).
In setting his price target of $10.00 per share and giving a buy rating, Rahman cited, among other factors, Alimera’s impressive first-quarter revenue growth and the company’s strong sales performance, particularly in the U.S. and international markets. Rahman said this growth is being driven by successful product sales and strategic acquisitions, such as Yutiq, which is expected to bolster revenue through cross-selling alongside Alimera’s existing product, Iluvien.
In setting his price target of $6.00 per share and reiterating his buy rating, Chen cited the company’s impressive year-over-year revenue growth of 70% in the first quarter of 2024, along with a positive adjusted EBITDA.
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
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