An investor in NASDAQ:MDVN shares filed a lawsuit in effort to halt the proposed takeover of Medivation Inc by Pfizer Inc. for $81.50 per share.
Investors who purchased shares of Medivation Inc (NASDAQ:MDVN) and currently hold any of those NASDAQ:MDVN shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MDVN stockholders by agreeing to sell Medivation Inc too cheaply via an unfair process to affiliates of private equity firm Pfizer Inc.
August 22, 2016, Pfizer Inc. (NYSE:PFE) and Medivation, Inc. (NASDAQ:MDVN) announced that they have entered into a merger agreement under which Pfizer will acquire Medivation for $81.50 a share in cash for a total enterprise value of approximately $14 billion.
However, plaintiff claims that the proposed consideration NASDAQ:MDVN shareholders will receive is grossly inadequate and undervalues Medivation. Indeed, at least one analyst set the high target price for NASDAQ:MDVN at $82.00 per share. Furthermore, Medivation Inc reported that its annual total Revenue rose from $272.94 million in 2013 to $943.26 million in 2015 and that its Net Loss of $42.61 million in 2013 turned into a Net Income of $244.72 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:MDVN stockholder.
Shares of Medivation Inc (NASDAQ:MDVN) closed on September 22, 2016 at $81.08 per share.
Those who are current investors in NASDAQ:MDVN shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego