Drugstore.com Investor Fights $409M Walgreen Deal

Law360, New York (March 28, 2011, 3:11 PM EDT) -- A shareholder filed a putative class action against Drugstore.com and its six-member board in Delaware on Friday, claiming Walgreen Co.'s $409 million planned acquisition "grossly undervalues" the online retailer and its stable of web properties.

Drugstore.com investor Jeffrey Grodko's complaint, lodged in the Court of Chancery of the State of Delaware, claims the $3.80 per-share purchase of the online store is designed to take advantage of a "temporary lull" in the target company's value as a result of a downturn in the economy.

The suit also...
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