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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Proteon Therapeutics, Inc. (“Proteon” or the “Company”) (NASDAQ: PRTO) with ArTara Therapeutics, Inc. (“ArTara”). Under the terms of the deal, on a pro-forma basis after closing of the merger and the closing of the financing, the current Proteon stockholders will own approximately 10% of the combined company, while ArTara security holders and new investors will own approximately 90% (on a fully diluted basis).
The Proteon merger investigation concerns whether the Board of Proteon breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether the merger undervalues Proteon shares, thus unlawfully harming Proteon shareholders.
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