Murray, Frank & Sailer LLP is investigating claims of breach of fiduciary duty by certain members of the board of directors of drugstore.com, inc. (NASDAQ: DSCM) (“drugstore.com” or the “Company”) in relation to the acquisition of the Company by Walgreen Co. (“Walgreen”). On March 24, 2011, drugstore.com and Walgreen announced that Walgreen will acquire drugstore.com pursuant to a transaction under which drugstore.com stockholders will receive $3.80 in exchange for each share of drugstore.com common stock, an aggregate value of approximately $409 million. The transaction is expected to close in July 2011. The investigation concerns whether certain members of the board of directors breached their fiduciary duty in connection with their efforts to sell drugstore.com to Walgreen at an inadequate price through an unfair process which significantly undervalues the Company. In particular, as recently as May 2010, drugstore.com shares traded as high as $3.91 per share. For this and other reasons, Murray Frank is investigating whether the acquisition price will fairly compensate drugstore.com shareholders. If you are a current investor in drugstore.com, who purchased DSCM shares before March 24, 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 Bridget Hamill at (800) 497-8076 or (212) 682-1818, or by email at email@example.com.
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.