NEW YORK, Sept. 08, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Medivation, Inc. (“Medivation” or the “Company”) (Nasdaq:MDVN) in the United States District Court for the Northern District of California on behalf of current stock holders of Medivation, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that the $81.50 per share merger consideration via a tender offer by Montreal, Inc., a wholly-owned subsidiary of Pfizer Inc. (“Pfizer”), which was commenced on August 30, 2016 and is scheduled to expire on September 27, 2016 fails to provide Medivation shareholders with fair value for their shares. The Complaint also alleges that the inadequate merger consideration is the result of a rushed sale process during which the Board of Directors of Medivation caved to pressure from larger pharmaceutical companies that were eager to acquire Medivation at a discount to its intrinsic value and long-term prospects. Further, the Complaint alleges that in violation of Sections 14(e), 14(d)(4) and 20(a) of the Exchange Act, the tender offer documents omit certain material information, which renders the information disclosed materially misleading. Specifically, the Complaint alleges that the tender offer fails to disclose certain information about: (i) communications from other interested parties that were involved in negotiations to acquire Medivation; (ii) the terms of the confidentiality agreements entered into by such parties; and (iii) the valuation analyses performed by the Company’s financial advisors, J.P. Morgan Securities LLC (“J.P. Morgan”) and Evercore Group L.L.C. (“Evercore”).
If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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