Murray, Frank & Sailer LLP Investigates Breaches of Fiduciary Duty Regarding Acquisition of drugstore.com, inc. by Walgreen Co.
24 Marzo 2011 - 1:27PM
Business Wire
Murray, Frank & Sailer LLP is investigating claims of breach
of fiduciary duty by certain members of the board of directors of
drugstore.com, inc. (NASDAQ: DSCM) (“drugstore.com” or the
“Company”) in relation to the acquisition of the Company by
Walgreen Co. (“Walgreen”).
On March 24, 2011, drugstore.com and Walgreen announced that
Walgreen will acquire drugstore.com pursuant to a transaction under
which drugstore.com stockholders will receive $3.80 in exchange for
each share of drugstore.com common stock, an aggregate value of
approximately $409 million. The transaction is expected to close in
July 2011.
The investigation concerns whether certain members of the board
of directors breached their fiduciary duty in connection with their
efforts to sell drugstore.com to Walgreen at an inadequate price
through an unfair process which significantly undervalues the
Company. In particular, as recently as May 2010, drugstore.com
shares traded as high as $3.91 per share. For this and other
reasons, Murray Frank is investigating whether the acquisition
price will fairly compensate drugstore.com shareholders.
If you are a current investor in drugstore.com, who purchased
DSCM shares before March 24, 2011, and you wish to discuss this
investigation or have any questions concerning this notice or your
rights or interests with respect to these matters, please contact
Bridget Hamill at (800) 497-8076 or (212) 682-1818, or by email at
investigations@murrayfrank.com.
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