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Cascadian Therapeutics Inc (USA) (NASDAQ:CASC) Investor Lawsuit Against Acquisition FiledCascadian Therapeutics Inc (USA)

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Lawsuit Overview

Case Dismissed
Company
Cascadian Therapeutics Inc
Security
NASDAQ: CASC

Case Name
Cascadian Therapeutics Deal Case 03/08/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Delaware

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Summary

April 16, 2018 - The case was dismissed.
February 13, 2018 - An investor in Cascadian Therapeutics, Inc.(Nasdaq:CASC) shares filed a lawsuit against the acquisition of Cascadian Therapeutics Inc by Seattle Genetics, Inc for $10.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CASC stockholders by agreeing to sell Cascadian Therapeutics Inc cheaply via an unfair process to Seattle Genetics, Inc

On January 31, 2018, Seattle Genetics, Inc. (Nasdaq:SGEN) and Cascadian Therapeutics, Inc.(Nasdaq:CASC) announced the signing of a merger agreement under which Seattle Genetics has agreed to acquire Cascadian Therapeutics. Under the terms of the agreement, Seattle Genetics will pay $10.00 per share in cash, or approximately $614 million.

However, plaintiff claims that the proposed consideration NASDAQ:CASC shareholders will receive is grossly inadequate and undervalues Cascadian Therapeutics Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:CASC stockholders