On behalf of shareholders of Ariad Pharmaceuticals who claim their interests were not fairly represented in the sale of the company to Japanese drugmaker Takeda for $5.2 billion, at least two US law firms plan to pursue class action suits. 

In cooperation with the law firm Monteverde & Associates, New York City-headquartered national securities firm Nadeem Faruqi said it is investigating Ariad’s board of directors for potential breaches of fiduciary duties in connection with the sale of the company. The company's shareholders believe they should receive more than the $24 offered.

Faruqi said the investigation focuses on whether the board failed to conduct a fair sales process and whether and by how much this proposed transaction undervalues the company to the detriment of shareholders.

Separately, Wilmington, Delaware-based law firm Rigrodsky & Long has announced it is investigating potential legal claims against the Ariad board in the same sale process. The firm specializes in prosecuting securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation on behalf of shareholders throughout the US.