SAN DIEGO, May 10, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of ARMO BioSciences, Inc. ARMO breached their fiduciary duties in connection with the proposed sale of the Company to Eli Lilly and Company ("Eli Lilly")

On May 10, 2018, ARMO announced that it had signed a definitive merger agreement with Eli Lilly. Under the terms of the agreement, Eli Lilly will acquire all outstanding common shares of ARMO for $50.00 per share in cash.

The investigation concerns whether the ARMO board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the merger and whether the board obtained the best price possible for ARMO shareholders. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $75.00 price target on the stock. The 52-week high for ARMO was $ 57.19.

If you are a shareholder of ARMO and believe the proposed sale price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

About Johnson Fistel, LLP:

Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:

Johnson Fistel, LLP

Jim Baker, 619-814-4471

jimb@johnsonfistel.com

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SOURCE Johnson Fistel, LLP