NEW YORK, July 7, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of MYOS RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ: MYOS) in connection with the proposed merger of the Company with privately-held pharmaceutical company MedAvail, Inc. ("MedAvail"). Under the terms of the agreement, all of the assets and liabilities of MYOS (with exception to certain excluded assets) will be contributed to a subsidiary of MYOS, and shares of that subsidiary will then be distributed as a dividend to MYOS shareholders immediately following the closing of the merger. Ultimately, following the closing of the deal, MYOS shareholders will own only 3.5% of the new combined company, with MedAvail's security holders and new investors owning the remaining 96.5% of the new entity.
If you own MYOS shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating, among other things, (i) whether MYOS' board was fully informed as to the valuation of the proposed merger given MedAvail's status as a privately-held company and that MedAvail will end up owning 96.5% of the combined company, (ii) whether the board acted to maximize shareholder value prior to entering into the merger agreement, and (iii) whether all information regarding the valuation of the deal will be available to MYOS shareholders.
In light of the foregoing, WeissLaw is concerned that the proposed acquisition may undervalue the Company and that all material information related to the proposed acquisition may not be fully and fairly disclosed.
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 firstname.lastname@example.org
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SOURCE WeissLaw LLP