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The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Ardea Biosciences, Inc. in Connection with the Sale of the Company to AstraZeneca

April 24, 2012

NEW YORK, April 24, 2012 /PRNewswire/ — Levi & Korsinsky is investigating the Board of Directors of Ardea Biosciences, Inc. (“Ardea” or the “Company”) (Nasdaq: RDEA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to AstraZeneca. Under the terms of the agreement, Ardea shareholders will receive $32 per share. The transaction has a total approximate value of $1.26 billion.

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Click here to learn how to join the action: http://www.zlk.com/ardea-biosciences-rdea, or call: 877-363-5972. There is no cost or obligation to you.

The investigation concerns whether the Ardea Board of Directors breached their fiduciary duties to Ardea stockholders by failing to adequately shop the Company before entering into this transaction and whether AstraZeneca is underpaying for Ardea shares, thus unlawfully harming Ardea stockholders. In particular, at least one analyst set a price target for Ardea stock at $40.00 per share.

If you own common stock in Ardea and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.

Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE Levi & Korsinsky, LLP


Source: PR Newswire