Murray Frank LLP Investigates Icagen, Inc.
MURRAY FRANK LLP is investigating claims of breaches of fiduciary duties by certain members of the Board of Directors of Icagen, Inc., (NASDAQ:ICGN) (“Icagen” or the “Company”) in relation to the acquisition of the Company by Pfizer, Inc. (NYSE:PFE) (“Pfizer”).
On July 20, 2011, Icagen and Pfizer announced that they had entered into an agreement under which Pfizer, which currently owns approximately 11% of Icagen’s fully diluted shares, would acquire Icagen’s remaining 8.3 million shares for $6.00 per share, a transaction valued at $56 million, including Pfizer’s existing ownership of the Company.
The investigation seeks to determine whether certain members of Icagen’s Board of Directors breached their fiduciary duties to Icagen shareholders in connection with their efforts to sell Icagen to Pfizer at an inadequate price which significantly undervalues the Company. Indeed, the $6.00 per share offer price is a nearly 23% discount to Icagen’s closing stock price of $7.75 per share on July 19, 2011, the day before the proposed acquisition was announced.
If you are a current investor in Icagen who purchased Icagen shares
before July 20, 2011, and you wish to discuss this investigation or have
any questions concerning this notice or your rights or interests with
respect to these matters, please contact Katherine E. Smith at (800)
497-8076 or (212) 682-1818, or by email at
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV