(PRAH): Johnson Fistel Investigates the Proposed Sale of PRA Health; Are Shareholders Getting a Fair Deal?
SAN DIEGO, Feb. 24, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of PRA Health Sciences, Inc. ("PRA" or the "Company") (NASDAQ: PRAH) breached their fiduciary duties in connection with the proposed sale of the Company to ICON plc, (NASDAQ: ICLR), ("ICON").
On February 24, 2021, PRA announced that it had entered into a definitive merger agreement with ICON. Under the terms of the transaction, PRA shareholders will receive per share $80 in cash and 0.4125 shares of ICON stock.PRA shareholders will be subject to the future price fluctuation of ICON's stock price. Following the news, in pre-market trading on February 24, 2021, ICON stock was trading down over 6%.
The investigation concerns whether the PRA board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for PRA shares of common stock. Nationally recognized, Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth.
If you are a PRA shareholder and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP