The Law Firm of Levi & Korsinsky, LLP Notifies Investors of Claims of Breaches of Fiduciary Duty by the Board of Ardea

Thu Apr 26, 2012 4:03pm EDT

* Reuters is not responsible for the content in this press release.

  NEW YORK, NY, Apr 26 (Marketwire) -- 
Levi & Korsinsky notifies investors of Ardea Biosciences, Inc. ("Ardea"
or the "Company") (NASDAQ: RDEA) for possible breaches of fiduciary duty
and other violations of state law against the board of directors of the
Company 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. A
complaint was filed in California state court.

    Click here to learn how to join the action:
http://zlk.9nl.com/ardea-biosciences-rdea, or call: 877-363-5972. There
is no cost or obligation to you.

    The claims concern 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://zlk.9nl.com/ardea-biosciences-rdea. 

    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 

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