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Shareholders Sue ImClone, Lilly Over Pending Merger

Law360 (October 27, 2008, 12:00 AM EDT) -- Soon-to-be-merged biotechnology company ImClone Systems Inc. and Eli Lilly and Co. are facing a shareholder class action to bar the companies' pending marriage, which the shareholders have dubbed “a coercive tender offer and a squeeze-out short-form merger.”

The ImClone shareholders, led by State-Boston Retirement System, filed the suit on Wednesday in the Supreme Court of the State of New York. Billionaire investor and chairman of ImClone's board Carl C. Icahn and a handful of other ImClone executives were also named in the complaint.

The shareholders object...
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