On or around 07/13/2011 (Court's order of dismissal)
Filing Date: May 02, 2011
The action is against the Board of Directors of Orchid Cellmark, Inc. (“Orchid” or the “Company”) (Nasdaq:ORCH - News) relating to the proposed acquisition by Laboratory Corporation of America Holdings (“LabCorp”). The deal is worth approximately $85.4 million.
Under the terms of the transaction Orchid shareholders would receive $2.80 for each share Orchid stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Orchid by not acting in the Company’s shareholders' best interests in connection with the sale process to LabCorp. The transaction may undervalue Orchid as the offer is not significantly higher the April 6, 2011 Orchid share price of $2.76. Additionally, one analyst has set a price target of $6.00 for the Company.
On June 24, 2011, the Plaintiff filed a notice of Voluntary Dismissal of the entire action.
On June 27, 2011, the Court terminated the case by entering an electronic docket entry.
The court filed an official order on July 13, 2011, terminating the case after based on the plaintiff's the notice of voluntary dismissal without prejudice.
Company & Securities Information
Defendant: Orchid Cellmark Inc.
Industry: Healthcare Facilities
Headquarters: United States
Ticker Symbol: ORCH
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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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.
First Identified Complaint
Nicholas Tsatsis, et al. v. Orchid Cellmark Inc., et al.
COURT: D. New Jersey
DOCKET #: 11-CV-02508
JUDGE: Hon. Anne E. Thompson
DATE FILED: 05/02/2011
CLASS PERIOD START: 04/06/2011
CLASS PERIOD END: 05/02/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Brodsky & Smith, LLC Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004 610.667.6200 610.667.6200 ·