Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of GTx, Inc. (“GTx” or the “Company”) (NASDAQCM: GTXI) to Oncternal Therapeutics, Inc. (“Oncternal”). Under the terms of the transaction, GTx shareholders will receive shares in Oncternal equal to 25% of the outstanding capital stock of GTx. GTx shareholders will also receive a Contingent Value Right for which each shareholder of GTx will receive “in the aggregate 50% of any net proceeds received during the 15-year-period after the Closing from the grant, sale or transfer of rights to GTx’s SARD or SARM technology that occurs during the 10-year period after the Closing…”
The GTx merger investigation concerns whether the Board of GTx breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Oncternal is underpaying for |GTx shares, thus unlawfully harming GTx shareholders.
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