NEW YORK, June 10, 2015 /PRNewswire/ -- The fairness
of the proposed acquisition of InSite Vision Inc. ("INSV" or the
"Company") by QLT Inc. ("QLT") is being investigated by WeissLaw
LLP, a national class action, shareholder rights law firm, for
possible breaches of fiduciary duty and other violations of law by
the Board of Directors of INSV for agreeing to sell to QLT. On
June 8, 2015, the Company announced a
definitive agreement for QLT to acquire INSV in an all-stock
transaction. Under the deal, INSV shareholders will receive 0.048
share of QLT for each INSV share they own; implying a per share
value of approximately $0.19 based on
the June 8, 2015 closing price of QLT
shares.
WeissLaw is investigating whether INSV's Board acted to maximize
shareholder value prior to entering into the
agreement. Notably, at least one analyst set a target price of
$0.70 per share, or approximately 4
times the offer price. Additionally, the Company's shares traded
for $0.24 per share as recently as
February 17, 2015. Moreover,
INSV recently announced positive financial results. It
reported revenues of $3.4 million for
the first quarter ended March 2015,
as compared to $1.2 million in the
same period of the previous year.
Given these facts, WeissLaw is investigating the Board's
decision to sell INSV and whether INSV shareholders will obtain
their fair and proportionate share of the Company's continued
success and future growth prospects. If you own INSV shares
and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin by telephone at
(888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw 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 or fill out the form on our
website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee
similar outcome.
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SOURCE WeissLaw LLP