MILWAUKEE, June 4, 2024 /PRNewswire/ -- Ademi LLP is investigating ARCA (NASDAQ: ABIO) for possible breaches of fiduciary duty and other violations of law in its transaction with Oruka.
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In the transaction, ARCA stockholders will own approximately 2.38% and Oruka stockholders will own approximately 97.62% of the combined company. Certain stockholders of ARCA holding approximately 28.5% of the outstanding shares of ARCA common stock have entered into support agreements with ARCA and Oruka to vote all of their shares of ARCA common stock in favor of the transaction and against any alternative acquisition proposals. ARCA insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of ARCA's board of directors, and whether they are fulfilling their fiduciary duties to all shareholders. We are also investigating certain disclosure issues involving the transaction.
If you own ARCA common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Ademi LLP