A lawsuit was filed by investors in Centene Corporation (CNC) shares over alleged wrongdoing at Centene Corporation and NYSE: CNC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/19/2018 -- The Shareholders Foundation announces that an investor in shares of Centene Corporation (CNC) filed a lawsuit against certain directors of Centene in connection with the acquisition of Health Net, Inc by Centene Corporation.
Investors who purchased shares of Centene Corporation (CNC) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On July 2, 2015, Centene Corporation (NYSE: CNC) and Health Net, Inc. (NYSE: HNT) announced that the Boards of Directors of both companies have approved an agreement under which Centene will acquire all of the shares of Health Net in a cash and stock transaction valued at approximately $6.8 billion, including the assumption of approximately $500 million of debt. Under the terms of the agreement, Health Net shareholders would receive 0.622 shares of Centene common stock and $28.25 in cash for each share of Health Net common stock. Based on Centene's closing stock price on July 1, 2015, the implied consideration of $78.57 per share represents a premium of approximately 21% over Health Net's closing stock price on July 1, 2015, and of approximately 26% on June 1, 2015.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: CNC investors. More specifically, the plaintiff claims that Centene and certain of its executives knowingly misstated Health Net's business before its $6.8 billion merger and hid the fact that it was taking on millions in liability.
Those who purchased shares of Centene Corporation (CNC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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