We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Pfenex, Inc. (“PFNX” or the “Company”) (NYSE American: PFNX) in connection with the proposed acquisition of the Company by Ligand Pharmaceuticals Incorporated (“Ligand”) (NASDAQ: LGND).  Under the terms of the acquisition agreement, which is structured like a tender offer, the Company’s shareholders will receive $12.00 in cash for each share of PFNX common stock that they own.  Additionally, PFNX shareholders will receive a one-time contingent value right of $2.00 (“CVR”) in the event a predefined regulatory milestone is achieved by December 31, 2021.

WeissLaw is investigating whether PFNX’s board acted to maximize shareholder value in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of the proposed acquisition of the Company, and whether all information regarding the valuation of the deal and the proposed CVR will be fully and fairly disclosed to PFNX shareholders.\n\nNotably, at least one analyst set a target price of $20.00 per PFNX share, or $8.00 above the per-share offer price.\n\nWeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com