Case Page

 

Case Status:    DISMISSED    
On or around 06/30/2010 (Notice of voluntarily dismissal)

Filing Date: January 11, 2010

According to the complaint filed January 11, 2010, on January 4, 2010, Novartis, AG (NYSE: NVS) announced that it would exercise its option to purchase approximately 52% of the Alcon shares held by Nestle for approximately $180 per share, or about $28.1 billion, giving it an overall ownership interest in Alcon of approximately 77% of the remaining Nestle shares in Alcon. Thereafter, it would consolidate the two companies based on a merger that the minority shareholders claim is unfair, inequitable and in violation of the company's articles of incorporation and the law.

Concurrent with its announcement to acquire the Nestle stake in Alcon, at $180 per share, Novartis announced that it would use its power to squeeze out the minority shareholders for a stock swap offer of 2.8 shares of Novartis stock, or approximately $145 per Alcon share, based on Novartis' current trading price. Not only is the Novartis bid approximately $8.00 less than the current trading price of Alcon shares, but it is also about $34.00 less than the price per share that Novartis has agreed to pay Nestle for the same class of shares.

On March 18, 2010, the plaintiff voluntarily dismissed the action without prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: NVS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 10-CV-00100
JUDGE: Hon. Frederic Block
DATE FILED: 01/11/2010
CLASS PERIOD START: 04/07/2008
CLASS PERIOD END: 01/11/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
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