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Endocyte, Inc. (NASDAQ: ECYT) Investor Lawsuit Filed Over Alleged Wrongdoing In Acquisition

  • Investors who purchased shares of Endocyte, Inc. (NASDAQ: ECYT) may have certain options. Please 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

Case Dismissed
Company
Endocyte, Inc.
Security
NASDAQ: ECTY

Case Name
Endocyte Deal Case
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

December 17, 2018 - The case was voluntarily dismissed.

November 8, 2018 - An investor, who currently holds shares of Endocyte, Inc. (NASDAQ: ECYT), filed a lawsuit against the takeover of Endocyte, Inc. The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: ECYT stockholders by agreeing to sell Endocyte, Inc. cheaply via an unfair process.

On October 18, 2018, Endocyte, Inc. (Nasdaq:ECYT) announced that it has entered into an agreement and plan of merger with Novartis AG pursuant to which Novartis will acquire Endocyte for $24 per share, or a total equity value of approximately $2.1 billion, in cash.

However, plaintiff claims that the proposed consideration NASDAQ: ECYT shareholders will receive is grossly inadequate and undervalues Endocyte, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: ECYT shares at $25.00 per share. In addition, the plaintiff alleges that the process is also unfair Endocyte, Inc. stockholders.