DALLAS--(BUSINESS WIRE)-- The acquisition of Icagen, Inc. (“Icagen” or “ICGN”) (NASDAQ:ICGN) by Pfizer, Inc. is being investigated on behalf of shareholders by former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP. Icagen recently entered into an acquisition agreement that will pay Icagen shareholders only $6.00 in cash for each share of Icagen/ICGN owned, which is nearly 23% less than the closing price of Icagen/ICGN shares the day before the acquisition announcement.
If you are an affected shareholder, and you want to learn more about the investigation or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [email protected]. There is no cost or fee to you.
The definitive acquisition agreement involves an all-cash transaction valued at approximately $56 million. The transaction is expected to close by the end of 2011.
“We are investigating the fairness of the proposed transaction to Icagen shareholders, whether the shareholders are being underpaid for their stock, and whether Icagen’s Board of Directors acted in the shareholders’ best interests,” said shareholder rights attorney Willie Briscoe. In particular, the acquisition price represents nearly a 23% discount to Icagen’s closing price the day before the acquisition announcement. In addition, at least one analyst has set a target price of $8.00 per share for Icagen/ICGN shares. “Based on these and other factors, our anticipated lawsuit will seek to obtain the highest share price for all shareholders,” said Willie Briscoe.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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INDUSTRY KEYWORDS: Health Pharmaceutical Professional Services Legal