A lawsuit was filed for investors in shares of Affymetrix, Inc. (NASDAQ:AFFX) in connection with the proposed takeover was announced and NASDAQ:AFFX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2016 -- A shareholder in NASDAQ:AFFX shares filed a lawsuit against the takeover of Affymetrix, Inc. by Thermo Fisher Scientific Inc.
Investors who purchased shares of Affymetrix, Inc. (NASDAQ:AFFX) and currently hold any of those NASDAQ:AFFX shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:AFFX stockholders by agreeing to sell Affymetrix, Inc. too cheaply via an unfair process to Thermo Fisher Scientific.
On January 8, 2016, Thermo Fisher Scientific Inc. and Affymetrix, Inc. (NASDAQ:AFFX), announced that their boards of directors have approved Thermo Fisher's acquisition of Affymetrix for $14.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:AFFX shareholders will receive is grossly inadequate and undervalues Affymetrix, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:AFFX at $15.00 per share. Furthermore, Affymetrix, Inc. reported that its annual Total Revenue rose from $330.40 million in 2013 to $349.02 million in 2014 and that its net Loss declined from $16.33 million in 2013 to $3.83 million in 2014. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:AFFX stockholders.
Shares of Affymetrix, Inc. (NASDAQ:AFFX) closed on February 17, 2016 at $14.00 per share.
Those who are current investors in Affymetrix, Inc. (NASDAQ:AFFX) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego