King's Board Cashing In On $3.6B Pfizer Deal: Suit

Law360, New York (October 18, 2010, 11:53 AM EDT) -- King Pharmaceuticals Inc. is facing a putative class action from shareholders who say the company's $3.6 million sale to Pfizer Inc. is a bid to cash in on its strong development pipeline at the expense of investors and should be blocked.

In a complaint filed Thursday in the U.S. District Court for the Eastern District of Tennessee, the shareholders claim that the $14.25 per share purchase, which Pfizer claims is a 40 percent premium on King's closing stock price on Oct. 11, is only a “meager”...
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