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Medicis Pharmaceutical Corp (NYSE:MRX) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Connection With The Proposed Takeover by Valeant Pharmaceuticals International

  • If you purchased shares of the Medicis Pharmaceutical Corp (NYSE:MRX) prior to August 31, 2012, and currently hold any of those NYSE:MRX 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
Medicis Pharmaceutical Corp.
Security
NYSE: MRX

Case Name
Medicis Pharmaceutical Corp. Deal Case 09/28/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Sept. 28, 2012 (Shareholders Foundation) -- An investor in shares of Medicis Pharmaceutical Corp (NYSE:MRX) filed a lawsuit against directors in effort to stop the proposed takeover at $44.00 per NYSE:MRX share.
On September 3, 2012, Valeant Pharmaceuticals International, Inc. and Medicis Pharmaceutical Corporation announced that they have entered into an agreement under which Valeant Pharmaceuticals International will acquire all of the outstanding common stock of Medicis Pharmaceutical Corporation for $44.00 per share in cash.

However, the plaintiff alleges that the deal undervalues the company and shortchanges investors. Indeed, at least one analyst has set the high target price for NYSE:MRX shares at $45.00 per share. In addition, Medicis Pharmaceutical’s financial performance improved over the past recent years. In fact, it reported that its annual Revenue rose from $516.67 million in 2008 to $721.13 million in 2011 and its Net Income skyrocketed from $10.28 million in ’08 to $126.08 million in 2011. In addition, shares of Medicis Pharmaceutical Corp (NYSE:MRX) grew at an exceptional growth rate. In fact, NYSE:MRX shares grew from as low as $10.26 per share in March ’09 to as high as over $40 in July 2011.

Furthermore, so the plaintiff, the terms of the merger agreement include improper deal protection devices that preclude competing offers.