Icagen, Inc. Merger Litigation (Nasdaq: ICGN)
Law Office of Brodsky & Smith, LLC Announces Investigation of Icagen, Inc.
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Icagen, Inc. (“Icagen” or the “Company”) (Nasdaq - ICGN- News) relating to the proposed acquisition by Pfizer, Inc (NYSE – PFE) (“Pfizer”). The deal is worth approximately $56 million, which includes the 11% stake Pfizer already holds.
Under the terms of the transaction Icagen shareholders would receive $6.00 cash for each share Icagen stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Icagen for not acting in the Company’s shareholders' best interests in connection with the sale process to Pfizer. The transaction may undervalue Icagen as stock traded at $7.75 as recently as July 19, 2011 and traded at $6.33 on June 27, 2011. Additionally, an analyst has set a price target of $8.00 for the Company.
If you own shares of Icagen stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, or by calling toll free 877-LEGAL-90.
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