Celera Investor Sues To Block $344M Quest Deal

Law360, New York (March 23, 2011, 4:21 PM EDT) -- A pension fund filed a proposed class action in Delaware on Tuesday alleging Celera Corp.’s $344 million merger with Quest Diagnostics Inc. was orchestrated to shield Celera directors from potential accounting fraud liability.

The Celera board’s need to sell quickly to cushion the fallout from financial restatements with the U.S. Securities and Exchange Commission gave Quest Diagnostics leverage to offer an inadequate bid and impose onerous deal protections, shortchanging shareholders, according to a complaint lodged by the New Orleans Employees’ Retirement System in the Delaware Court...
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