September 23, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Tobira Therapeutics Inc (NASDAQ:TBRA), was announced concerning whether the takeover of Tobira Therapeutics Inc by Allergan plc is unfair to NASDAQ:TBRA stockholders.

The investigation by a law firm concerns whether certain officers and directors of Tobira Therapeutics Inc breached their fiduciary duties owed to NASDAQ:TBRA investors in connection with the proposed acquisition.

On September 20, 2016, Allergan plc (NYSE: AGN) and Tobira Therapeutics Inc (NASDAQ:TBRA) announced that they have entered into an agreement under which Allergan will acquire Tobira Therapeutics Inc (NASDAQ:TBRA) for an upfront payment of $28.35 per share, in cash, and up to $49.84 per share in Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestones, for a total potential consideration of up to $1.695 billion.

However, the investigation concerns whether the offer is unfair to NASDAQ:TBRA stockholders. More specifically, the investigation concerns whether the Tobira Therapeutics Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.