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Ignyta Inc (NASDAQ:RXDX) Investor Lawsuit Filed Against Acquisition By Roche

  • If you purchased shares of Ignyta Inc (NASDAQ:RXDX), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Ignyta Inc
Security
NASDAQ: RXDX

Case Name
Ignyta Deal Case 01/31/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Southern District of California

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Summary

August 9, 2018 - The case was voluntarily dismissed.
January 12, 2018 - An investor, who currently holds shares of Ignyta Inc (NASDAQ: filed a lawsuit in effort to halt the proposed takeover of Ignyta Inc by Roche for $27.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RXDX stockholders by agreeing to sell Ignyta Inc cheaply via an unfair process to Roche.

San Diego, CA based Ignyta, Inc. is a biotechnology company focused on precision medicine in oncology. On December 22, 2017, Roche (SIX: RO, ROG; OTCQX: RHHBY) and Ignyta, Inc. (NASDAQ: RXDX) announced they have entered into a definitive merger agreement for Roche to fully acquire Ignyta at a price of US$ 27.00 per share in an all-cash transaction.

However, plaintiff claims that the proposed consideration NASDAQ: RXDX shareholders will receive is grossly inadequate and undervalues Ignyta, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:RXDX shares at $31.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ: RXDX stockholders.