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CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) Investor Lawsuit Against Acquisition By Eli Lilly and Company Filed

  • If you purchased shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) and currently hold any of those NASDAQ:CLCD shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
CoLucid Pharmaceuticals Inc
Security
NASDAQ: CLCD

Case Name
CoLucid Pharmaceuticals Deal Case 02/22/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

February 22, 2017 (Shareholders Foundation) - An investor, who currently holds shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD), filed a lawsuit in effort to halt the proposed takeover of CoLucid Pharmaceuticals Inc by Eli Lilly and Company for $46.50 per share is unfair to NASDAQ:CLCD stockholders.
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.