A lawsuit was filed for investors in shares of Medivation Inc (NASDAQ:MDVN) in connection with the proposed takeover was announced and NASDAQ:MDVN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/12/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of Medivation Inc (NASDAQ:MDVN), filed a lawsuit against the proposed takeover of Medivation Inc by Pfizer Inc. for $81.50 per share.
Investors who purchased shares of Medivation Inc (NASDAQ:MDVN) and currently hold any of those NASDAQ:MDVN 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:MDVN stockholders by agreeing to sell Medivation Inc too cheaply via an unfair process to affiliates of private equity firm Pfizer Inc.
August 22, 2016, Pfizer Inc. and Medivation, Inc. (announced that they have entered into a merger agreement under which Pfizer will acquire Medivation for $81.50 a share in cash for a total enterprise value of approximately $14 billion.
However, plaintiff claims that the proposed consideration NASDAQ:MDVN shareholders will receive is grossly inadequate and undervalues Medivation. Indeed, at least one analyst set the high target price for NASDAQ:MDVN at $82.00 per share. Furthermore, Medivation Inc reported that its annual total Revenue rose from $272.94 million in 2013 to $943.26 million in 2015 and that its Net Loss of $42.61 million in 2013 turned into a Net Income of $244.72 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:MDVN stockholder.
Shares of Medivation Inc (NASDAQ:MDVN) closed on September 9, 2016 at $80.81 per share.
Those who are current investors in Medivation Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego