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Pharmasset, Inc. Investor Files Lawsuit To Stop The Takeover Bid By Gilead Sciences

  • If you purchased shares of Pharmasset, Inc. (NASDAQ:VRUS) prior to the announcement and currently hold those 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
Pharmasset, Inc.
Security
NASDAQ: VRUS

Case Name
Pharmasset Deal Case 11/29/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Nov. 29, 2011 (Shareholders Foundation) -- An investor in NASDAQ:VRUS shares filed a lawsuit in State Court against directors of Pharmasset, Inc in effort to block the proposed acquisition of Pharmasset, Inc by Gilead Sciences, Inc for $137 per share.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to Pharmasset, Inc. (VRUS) investors arising out of the attempt to sell Pharmasset Inc at an unfair price via an unfair process.

On Monday, November 22, 2011, Pharmasset, Inc. and Gilead Sciences, Inc. announced that the companies have signed an agreement under which Gilead Sciences will acquire Pharmasset for $137 per share in cash. The transaction values Pharmasset at approximately $11 billion. Pharmasset, Inc. said that the offer represents an 89% premium to Pharmasset's closing share price on Friday, November 18, 2011, the last trading day prior to announcement, and 59% to Pharmasset's all time high closing stock price.

However the plaintiff alleges that the $137offer undervalues the drugmaker that also focuses on the development of oral therapeutics for the treatment of chronic hepatitis C virus.