August 23, 2016 (Shareholders Foundation) - An investor who currently holds shares of Sequenom, Inc. (NASDAQ:SQNM), filed a lawsuit in effort to halt the proposed takeover of Sequenom, Inc. by Laboratory Corporation of America Holdings for $2.40 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SQNM stockholders by agreeing to sell Sequenom, Inc. too cheaply via an unfair process to Laboratory Corporation of America Holdings.

On July 27, 2016, Laboratory Corporation of America Holdings and Sequenom, Inc. (NASDAQ:SQNM) announced that they have entered into an agreement and plan of merger under which Laboratory Corporation of America Holdings would acquire all of the outstanding shares of Sequenom in a cash tender offer for $2.40 per share, or an equity value of $302 million, which represents a total enterprise value of approximately $371 million, including net indebtedness.

However, plaintiff claims that the proposed consideration NASDAQ:SQNM shareholders will receive is grossly inadequate and undervalues Sequenom, Inc. Indeed, in 2015 NASDAQ:SQNM shares reached $4.59 per share. In addition, the plaintiff alleges that the process is also unfair to Sequenom, Inc stockholder.