Shareholders Foundation, Inc.

NASDAQ: CELG Shareholder Alert: Lawsuit Filed Against Acquisition of Celgene Corporation

A lawsuit was filed for investors in shares of Celgene Corporation (NASDAQ: CELG) in connection with the proposed takeover and NASDAQ: CELG stockholders should contact the Shareholders Foundation.


San Diego, CA -- (SBWIRE) -- 02/12/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Celgene Corporation (NASDAQ: CELG), filed a lawsuit against the takeover of Celgene Corporation.

Investors who purchased shares of Celgene Corporation (NASDAQ: CELG) and currently hold any of those NASDAQ: CELG shares have certain options and should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: CELG stockholders by agreeing to sell Celgene Corporation cheaply via an unfair process.

On January 3, 2019, Bristol-Myers Squibb Company (NYSE:BMY) and Celgene Corporation (NASDAQ:CELG) announced that they have entered into a merger agreement under which Bristol-Myers Squibb will acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion. Under the terms of the agreement, Celgene shareholders will receive 1.0 Bristol-Myers Squibb share and $50.00 in cash for each share of Celgene. Celgene shareholders will also receive one tradeable Contingent Value Right (CVR) for each share of Celgene, which will entitle the holder to receive a payment for the achievement of future regulatory milestones. Based on the closing price of Bristol-Myers Squibb stock of $52.43 on January 2, 2019, the cash and stock consideration to be received by Celgene shareholders at closing is valued at $102.43 per Celgene share and one CVR.

However, plaintiff claims that the proposed consideration NASDAQ: CELG shareholders will receive is grossly inadequate and undervalues Celgene Corporation. Indeed, at least one analyst has set the high target price for NASDAQ: CELG shares at $163.00 per share. Celgene Corporation reported that its annual Total Revenue rose from over $11.22 billion in 2016 to over $13 billion in 2017 and that its Net Income increased from over $1.99 billion in 2016 to over $2.94 billion in 2017. Shares of Celgene Corporation (NASDAQ: CELG) reached in October 2017 as high as $146.89 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ: CELG stockholders

On February 11, 2019, NASDAQ: CELG shares closed at $89.87 per share.

Those who are current investors in Celgene Corporation (NASDAQ: CELG) shares have certain options and should contact the Shareholders Foundation.

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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