NEW YORK, Aug. 15, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Relypsa, Inc. (“Relypsa” or the “Company”) (Nasdaq:RLYP) in the United States District Court for the Northern District of California on behalf of current stock holders of Relypsa, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that Relypsa’s Board of Directors (the “Board”) forced through a sale of the Company in order to reap personal benefits they negotiated with Galenica AG, and Vifor Pharma USA Inc. (collectively, the “Buyer”) to the detriment of Relypsa’s public stockholders.  According to the Complaint, the Board pushed through a merger pursuant to which the Buyer plans to acquire 100% of the outstanding shares of Relypsa common stock through an all-cash tender offer (the “Tender Offer”) followed by a second-step merger (the “Proposed Transaction”).  Further, the Buyer has offered Relypsa investors $32.00 per share in cash, or a total of approximately $1.53 billion (the “Offer Price” or “Merger Consideration”).  The Complaint also alleges that the Proposed Transaction undervalues Relypsa’s prospects and is the result of an unfair, truncated and conflicted sale process.  Indeed, even after the transaction was announced both Wedbush and Guggenheim put price targets on the Company of $51.00 and $49.00 per share respectively, well above the inadequate $32.00 Offer Price.

If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.