SAN DIEGO, CA / ACCESSWIRE / March 20, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit is pending in Illinois on behalf of certain purchasers of (NYSE: ABBV) shares over alleged Securities Laws Violations by AbbVie Inc.
Investors, who purchased shares of AbbVie Inc. (NYSE: ABBV) prior to August 2014 and continue to hold any of those NYSE: ABBV shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On June 20, 2014, AbbVie Inc. confirmed media reports that it had approached another biopharmaceutical company, Shire, with an initial proposal for a merger and on July 18, 2014, AbbVie Inc. disclosed that its Board had agreed to terms for the merger, which was valued at approximately $54 billion.
Then on August 5, 2014, the Treasury Department announced that it was "reviewing a broad range of authorities for possible administrative actions to limit inversions as well as approaches that could meaningfully reduce the tax benefits after inversions took place." On September 22, 2014, the U.S. Treasury Department issued a notice that it would be taking steps to curb the practice of corporate inversions.
On October 14, 2014, AbbVie Inc. announced that its Board would be reconsidering its recommendation to shareholders to adopt the merger agreement.
On October 15, 2014, Bloomberg published an article stating that "AbbVie's move surprised investors after the drug company had said the deal was driven mostly by strategic, not tax, reasons."
On October 20, 2014, AbbVie issued a press release stating that AbbVie and Shire were terminating the merger.
On November 25, 2014, a lawsuit was filed against AbbVie Inc. over alleged securities laws violations. The plaintiff alleges that the defendants materially misrepresented or failed to disclose the following adverse facts that the Combination was based on various strategic rationales, and that the expected tax benefit as a result of reincorporation in Ireland (a practice known as a tax inversion) was "not the primary rationale" for the Combination.
On March 29, 2016, the court granted the defendants' motion to dismiss, but gave the plaintiffs leave to amend their complaint. On May 2, 2016 an amended complaint was filed by the plaintiffs and on June 16, 2016 the defendants filed their motion to dismiss the amended complaint. On March 10, 2017, the court denied the defendants' motion to dismiss the case.
Those who purchased shares of AbbVie Inc. (NYSE: ABBV) prior to August 2014 and continue to hold any of those NYSE: ABBV shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
ReleaseID: 457677
