Robbins Umeda LLP Is Investigating drugstore.com, inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of drugstore.com, inc. The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of drugstore.com, inc. (NASDAQ: DSCM) in connection with their efforts to sell drugstore.com to Walgreen Co. (NYSE: WAG).
On March 24, 2011, drugstore.com announced it has entered into a definitive merger agreement under which Walgreens will acquire all of the outstanding common shares of drugstore.com. Under the current agreement, drugstore.com shareholders will receive $3.80 in cash for each share of drugstore.com common stock they hold. The transaction is expected to close by the end of June 2011.
The investigation is focused on whether drugstore.com’s board of directors is undertaking a fair process to obtain maximum value for its shareholders. Notably, on February 8, 2011, drugstore.com reported strong sales figures of $123.6 million, beating consensus estimates of $120.6 million. Additionally, the merger agreement contains a termination fee over $15 million, which drugstore.com will have to pay under certain circumstances, such as the board of directors agreeing to a higher offer.
If you own stock in drugstore.com and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.