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Case Status:    ONGOING    
On or around 06/25/2018 (Ongoing date of last review)

Filing Date: June 22, 2018

According to the Complaint, Express Scripts is the largest independent pharmacy benefit management (“PBM”) company in the U.S.

On March 8, 2018, Express Scripts and Cigna issued a joint press release announcing they had entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated March 8, 2018. Pursuant to the terms of the Merger Agreement, following a series of mergers, Express Scripts and Cigna will be combined under a new holding company, New Cigna, which will be renamed “Cigna Corporation” immediately after the mergers. Express Scripts stockholders will receive 0.2434 of a share of New Cigna common stock and $48.75 in cash for each Express Scripts common share held. The Proposed Transaction is valued at approximately $54 billion, excluding debt.

On May 16, 2018, New Cigna filed a Form S-4 Registration Statement containing a proxy statement of Express Scripts (the “Registration Statement”) with the SEC in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement, which recommends that Express Scripts stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Express Scripts’ and Cigna’s financial projections, relied upon by Express Scripts’ financial advisors, Centerview Partners LLC (“Centerview”) and Lazard Frères & Co. LLC (“Lazard”), in their financial analyses; (ii) the valuation analyses prepared by Centerview and Lazard in connection with the rendering of their fairness opinions; (iii) the sale process leading to the Proposed Transaction; and (iv) Lazard’s potential conflicts of interest. The Complaint alleges that the failure to adequately disclose such material information constitutes a violation of Sections 14(a) and 20(a) of the Exchange Act, as Express Scripts stockholders need such information to make a fully-informed voting or appraisal decision in connection with the Proposed Transaction.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Drugs)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ESRX
Company Market: NASDAQ
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. Missouri
DOCKET #: 18-CV-01017
JUDGE: Hon. Audrey G. Fleissig
DATE FILED: 06/22/2018
CLASS PERIOD START: 03/08/2018
CLASS PERIOD END: 06/22/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bragar Eagel & Squire PC
    885 Third Avenue Suite 3040 , Bragar Eagel & Squire PC , NY 10022
    212-308-5858 212-214-0506 ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
  3. Williams Dirks Dameron LLC
    1100 Main Street, Suite 2600, Williams Dirks Dameron LLC, MO 64105
    816.945.7110 816.945.7118 ·
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