It has been officially announced, through a statement issued, that Levi & Korsinsky is launching an investigation over the sale between CoLucid Pharmaceuticals Inc. (NASDAQ:CLCD), which was purchased by Eli Lilly & Co (NYSE:LLY).
The reason behind this investigation is due to the uncertainty that this merger was fair to the shareholders of the organization.
More details about the merger and the investigation
According to the signed merger agreement, CoLucid Pharmaceuticals was to be sold to Eli Lilly & Co for $960 million. This, in turn, enabled shareholders, who owned shares in the organization being sold, CoLucid Pharmaceuticals, a premium of $46.50 per share.
According to the statement, this only questions the fairness to shareholders, who held stock prior to the merger, or more specifically to the date issued on the statement. Which was January, 18.
In the same statement, the company did include contact details for shareholders in order to determine whether or not, the merger agreement, was fair and just. However, there is no definite on whether or not the investigation will yield any results, which will benefit the shareholders.
More details about Levi & Korsinsky
For those who are not aware of the law practitioner entity, it is mainly involved in dealing with aggrieved shareholders, who believe that they have not been treated just, in cases just such as these.
The firm itself, is responsible for recovering hundreds of millions of dollars, for shareholders, who believe that they were severely underpaid, and given no choice, when the business, or entity, to which they held shares was merged with another entity and/or business.
There has been no further information released regarding the investigation into this matter, as of yet. Furthermore, there is no due trial date, or anything else specifying when the court, or if the court will hear from the representative of the aggrieved shareholders, who own shares in CoLucid Pharmaceuticals.
CoLucid Pharmaceuticals stock closed on Wednesday at $46.34, after rising by $0.05 or $0.11%
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