Orchid Shareholder Drops Suit Over $85M LabCorp Deal

Law360, New York (July 13, 2011, 8:20 PM EDT) -- A New Jersey federal court dismissed a proposed shareholder class action Wednesday that opposed Laboratory Corp. of America Holdings’ $85 million buyout of DNA testing company Orchid Cellmark Inc.

U.S. District Judge Anne E. Thompson filed an order finalizing plaintiff Nicholas Tsatsis’ voluntary dismissal of the suit, which had claimed Orchid’s board hastened the sale without trying to obtain a competitive price for shareholders offered $2.80 per share.

The disgruntled investor alleged that Orchid’s stock was worth closer to $6 per share, given the company’s strong...
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