Kendall Law Group, led by former federal judge Joe Kendall, is investigating Drugstore.com, Inc. (NASDAQ: DSCM) for shareholders in connection with the proposed acquisition by Walgreen Co. The national securities firm’s investigation seeks to determine whether Drugstore.com and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Drugstore.com shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org. On March 24, 2011, the companies announced the definitive merger agreement under which Drugstore.com would be acquired by Walgreens, in a transaction valued at approximately $409 million. Under the terms of the agreement, Drugstore.com stockholders will receive $3.80 in cash for each share of Drugstore.com/DSCM common stock held. The firm’s investigation seeks to determine whether Drugstore.com and its Board undertook a fair process in negotiating the deal. Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.
Drugstore.com (Nasdaq:DSCM) is trading at unusually high volume Friday with 11.2 million shares changing hands. It is currently at 13.1 times its average daily volume and trading up eight cents (+2.2%).
Shares of Drugstore.com (Nasdaq:DSCM) were gapping up Thursday morning with an open price 112.3% higher than Wednesday's closing price. The stock closed at $1.79 yesterday and opened today's trading at $3.80.