Aerpio Pharmaceuticals Inc. (NASDAQ: ARPO) stock surged by 12.61% at last close whereas the ARPO stock price declines during after-hour by 5.41%. Aerpio Pharmaceuticals is a biopharmaceutical corporation that focuses on discovering compounds that activate Tie2 for situations where ARPO claims Tie2 activation may be therapeutic.
Aadi Bioscience which is a privately owned biopharmaceutical firm focused on targeted therapies for genetically identified cancers with variations in mTOR pathway genes, today released a press release announcing its abstract to be discussed at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting, according to Aerpio Pharmaceuticals. Aerpio, Aadi, and Aspen Merger Subsidiary, Inc. entered into an Agreement and Plan of Merger on May 16, 2021, as previously announced.
On May 19, 2021
In conjunction with the deal to be purchased byAadi Bioscience, the law firm of Brodsky & Smith reported that it is reviewing future lawsuits against the Board of Directors of Aerpio Pharmaceuticals Inc for alleged infringement of fiduciary responsibility and other violations of federal and state law. Aadi Biosciences owners will acquire shares of newly issued Aerpio common stock under the provisions of the merger agreement. On a pro forma basis, Aadi Biosciences shareholders will control about 66.8% of the merged entity, while Aerpio shareholders will own just about 33.2 percent after the transaction closes.
The inquiry is looking into whether the Aerpio Board of Directors violated its fiduciary obligations to shareholders by failing to execute a fair procedure and whether Aadi Bioscience is underpaying.
About the law firm
Brodsky & Smith is a legal firm with considerable experience defending shareholders in securities and class action cases around the country. Brodsky & Smith’s lawyers have been named as lead counsel in class cases by various courts around the nation, and they have managed to recover millions of dollars for their clients and shareholders.