A lawsuit was filed for investors in shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) in connection with the proposed takeover was announced and NASDAQ:CLCD stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/13/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD), filed a lawsuit against the takeover of CoLucid Pharmaceuticals Inc by Eli Lilly and Company for $46.50 per share.
Investors who purchased shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) and currently hold any of those NASDAQ:CLCD shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CLCD stockholders by agreeing to sell CoLucid Pharmaceuticals Inc too cheaply via an unfair process to Eli Lilly and Company.
On January 18, 2017, Eli Lilly and Company (NYSE:LLY) and CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) announced an agreement for Eli Lilly and Company to acquire CoLucid for $46.50 per share or approximately $960 million.
However, plaintiff claims that the proposed consideration NASDAQ:CLCD shareholders will receive is grossly inadequate and undervalues CoLucid Pharmaceuticals Inc. Indeed, at least one analyst has set the high target price for NASDAQ:CLCD shares at $52.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:CLCD stockholders.
On February 10, 2017, CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) shares closed at $46.40 per share.
Those who are current investors in CoLucid Pharmaceuticals Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com