Grant & Eisenhofer secured a $48 million increase in merger value as lead counsel against Medco’s Board for fiduciary breaches
Plaintiff(s):
State of Wisconsin Investment Board, on behalf of Medco Research, Inc. shareholders
Case type / claims:
Shareholder derivative action alleging breaches of fiduciary duty by Medco’s directors in approving a merger with King Pharmaceuticals, Inc. Plaintiffs contended that the merger undervalued Medco and was approved without adequate disclosure or fairness to shareholders.
Defendant(s):
Medco Research, Inc. Board of Directors
Jurisdiction:
Delaware Chancery Court
Year:
2005
Outcome:
- Preliminary injunction obtained requiring supplemental and corrective disclosures.
- Settlement against defendants increased merger consideration by $4.08 per share — over $48 million class-wide.
