Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of drugstore.com, Inc. (“drugstore.com” or the “Company”) (Nasdaq - DSCM) relating to the proposed acquisition by Walgreen Co. (“Walgreen”). Under the terms of the transaction, drugstore.com shareholders would receive $3.80 in cash for each share of common stock they own. The proposed transaction has an approximate value of $409 million. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of drugstore.com by not acting in drugstore.com shareholders' best interests in connection with the sale process to Walgreen. The transaction may undervalue drugstore.com as drugstore.com stock traded at $3.91 as recently as May 3, 2010 and drugstore.com reported revenue last year of $456 million. Therefore Walgreen is paying less than a year sales from drugstore.com. If you own shares of drugstore.com 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 email@example.com, visiting http://brodsky-smith.com/273-dscm-drugstorecom-inc.html, or by calling toll free 877-LEGAL-90.
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.