BALA CYNWYD, Pa., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
AVROBIO, Inc. (Nasdaq – AVRO)
Under the terms of the agreement, AVROBIO will merge with Tectonic Therapeutic, Inc. (“Tectonic”). In the deal, pre-Merger AVROBIO shareholders are expected to own approximately 22.3% of the combined company and pre-Merger Tectonic shareholders are expected to own approximately 40.2% of the combined company. Following the closing of the Merger, the combined company will be led by the Tectonic management team. AVROBIO will be renamed Tectonic Therapeutic, Inc. The investigation concerns whether the AVROBIO Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to AVROBIO shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/avrobio-inc-nasdaq-avro/.
California BanCorp (Nasdaq – CALB)
Under the terms of the agreement, California Bancorp will merge with Southern California Bancorp (Nasdaq - BCAL). The companies will combine in an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California BanCorp, based on the closing price of Southern California Bancorp on January 29, 2024. Specifically, each outstanding share of California BanCorp common stock will be exchanged for the right to receive 1.590 shares of Southern California Bancorp common stock. As a result of the transaction, Southern California Bancorp shareholders will own approximately 57.1% of the outstanding shares of the combined company and California BanCorp shareholders will own approximately 42.9% of the outstanding shares of the combined company. The investigation concerns whether the California BanCorp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to California BanCorp shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/california-bancorp-nasdaq-calb/.
Karuna Therapeutics, Inc. (Nasdaq – KRTX)
Under the terms of the Merger Agreement, Karuna Therapeutics will be acquired by Bristol Myers Squibb (NYSE: BMY) in an all-cash transaction valued at approximately $14 billion. Karuna Therapeutics stockholders will receive $330.00 per share in cash upon completion of the proposed transaction. The investigation concerns whether the Karuna Therapeutics Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Bristol Myers Squibb is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/karuna-therapeutics-inc-nasdaq-krtx/.
Exro Technologies Inc. (OTC - EXROF)
Under the terms of the agreement, Exro Technologies will merge with SEA Electric Inc. (“SEA Electric”). Immediately following the closing of the Transaction, Exro shareholders will own an approximate 34.5% economic stake in the combined company and SEA Electric shareholders will own an approximate 65.5% economic stake in the combined company. The investigation concerns whether the Exro Technologies Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to Exro Technologies shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/exro-technologies-inc-otc-exrof/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
