Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Medicis Pharmaceutical Corporation (“Medicis”) (NYSE: MRX) to Valeant Pharmaceuticals International, Inc. for shareholders. Under the proposed transaction, Medicis shareholders will only receive $44.00 in cash for each share of Medicis stock owned, well below at least one analyst’s estimate of $45.00 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via email at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The transaction is valued at approximately $2.6 billion and is expected to close in the first half of 2013.
The investigation centers on whether Medicis shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Medicis stock, and whether Medicis’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to Yahoo! Finance, at least one analyst has estimated that the true inherent value of Medicis stock may be as high as $45.00 per share. “Due to the lack of a significant premium to the shareholders and other factors, we believe that the transaction may undervalue Medicis stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.