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SeraCare Life Sciences, Inc. (NASDAQ:SRLS) Investors Files Lawsuit Against Directors For Alleged Breaches Of Fiduciary Duties In Takeover

  • If you are a current investor in SeraCare Life Sciences, Inc. (NASDAQ:SRLS) and purchased your NASDAQ:SRLS shares prior to 2012, 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
SeraCare Life Sciences
Security
NASDAQ: SRLS

Case Name
SeraCare Life Sciences Deal Case 02/24/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Feb. 24, 2012 (Shareholders Foundation) -- An investor in NASDAQ:SRLS filed a lawsuit against SeraCare Life Sciences directors alleging they breached their fiduciary duties in connection with the proposed takeover of SeraCare Life Sciences, Inc. (NASDAQ:SRLS) by an affiliate of Linden Capital Partners for $4 per share.
On Feb. 13, 2012 SeraCare Life Sciences, Inc. (NASDAQ: SRLS) announced that it has entered into an agreement to be acquired by an affiliate of Linden Capital Partners. Under the terms of the agreement, holders of outstanding shares of common stock of SeraCare will receive $4.00 per share.

SeraCare Life Sciences, Inc. said the $4.00offer represents a 25% premium to the 30-day volume-weighted average stock price.

Following the takeover announcement shares of SeraCare Life Sciences, Inc. (NASDAQ:SRLS) jumped from $3.58 on February 10, 2012 to $3.93 on February 13, 2012.

However, he plaintiff says that the $4offer is unfair and undervalues SeraCare Life Sciences, Inc. In fact, at least one analyst has set the target price for NASDAQ:SRLS shares at $5 per share and NASDAQ:SRLS shares traded as high as $4.15 in July 2011 and as high as $4.85 in January 2011.

The plaintiff also alleges that the defendants agreed to unfavorable preclusive deal protection devices, such as a hefty termination fee provision and a no shop provision.