Drugstore.com, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Walgreen Co.
March 24 2011 - 10:58AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Drugstore.com, Inc. (“drugstore.com” or
“DSCM”) (NASDAQ: DSCM) related to the proposed buyout of
drugstore.com by Walgreen Co. The definitive merger agreement
involves an all-cash transaction valued at approximately $409
million. Under the proposed buyout, drugstore.com shareholders will
receive only $3.80 in cash for each share of drugstore.com/DSCM
common stock they hold. The transaction is expected to close in
June 2011.
The investigation relates to the fairness of the proposed
transaction to drugstore.com shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of drugstore.com for approving this transaction, and
whether drugstore.com’s Board of Directors acted in the
shareholders’ best interests. In addition, the firms seek to
determine through their investigation whether drugstore.com’s Board
of Directors obtained the best value for shareholders, adequately
considered all viable alternatives, and properly shopped the
company before entering into the acquisition agreement with
Walgreen Co.
As recently as May 2010, drugstore.com shares closed above $3.90
per share. Based on this and other factors, the firms do not
believe that the acquisition price is fair to drugstore.com/DSCM
shareholders.
If you currently own shares of drugstore.com/DSCM and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
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 law 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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