The Shareholders Foundation announces that an investor, who currently holds shares of AbbVie Inc (NYSE:ABBV), filed a lawsuit against directors of AbbVie Inc over alleged breaches of fiduciary duties in connection with the planned $54 billion acquisition of Shire PLC.
Investors who are current stockholders in shares of AbbVie Inc (NYSE:ABBV) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
On July 18, 2014, AbbVie Inc and Shile PLC announced that they have reached an agreement to combine Shire and AbbVie Inc.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duty by agreeing to a so-called “naked no vote” provision that requires AbbVie Inc to pay Shire up to $545 million if its stockholders reject the deal, producing a coercive effect on shareholders. In addition, the plaintiff claims that the termination fee is an unreasonable infringement on the stockholder franchise, especially where the AbbVie Inc board of directors did not utilize this significant concession to obtain a lower acquisition price and the company is already offering Shire an exceptionally large 53 % premium.
The plaintiff says that while the proposed combination may help AbbVie Inc save on its tax liability in the future, it will trigger significant capital gains tax liability for many AbbVie Inc stockholders
AbbVie Inc reported that its annual Total Revenue rose from $18.38 billion in 2012 to $18.79 billion in 2013, while its respective Net Income declined from over $5.27 billion to over $4.18 billion. Shares of AbbVie Inc (NYSE:ABBV) grew from $33.85 per share in early 2013 to as high as $60.02 per share on September 17, 2014.
On September 30, 2014, NYSE:ABBV shares closed at $57.76 per share.
Those who are current stockholders in shares of AbbVie Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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