Novartis, AG (NYSE: NVS) is a Swiss-American multinational pharmaceutical corporation.

According to the Complaint filed January 11, 2010, on January 4, 2010, Novartis 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.