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Rigrodsky & Long, P.A. Announces Investigation of Icagen, Inc.

^{Published on 2011-07-20 09:30:55 - Market Wire}
 

WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Icagen, Inc. (aIcagena or the aCompanya) (Nasdaq: [ ICGN ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companya™s entry into an agreement to be acquired by Pfizer, Inc. (aPfizera) in a transaction valued at approximately $56 million.

Click here to learn more and how to join the action: [ http://www.rigrodskylong.com/news/IcagenInc-ICGN ].

Under the proposed agreement, Icagen shareholders will receive $6.00 per share in cash for every share of Icagen common stock they hold. Pfizer already owns approximately 11% of Icagena™s fully diluted shares.

The investigation concerns whether Icagena™s board of directors adequately shopped the Company to obtain the best price possible for Icagena™s shareholders before entering into the agreement with the Pfizer. Indeed, the $6.00 per share contemplated by the transaction is nearly a 23% discount to Icagena™s closing stock price of $7.75 on July 19, 2011, the last day before the announcement of the transaction. Moreover, according to Yahoo! Finance, at least one analyst has set a price target of $8.00 per share for Icagen stock.

If you own the common stock of Icagen and purchased your shares before July 20, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Seth D. Rigrodsky, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].

[ Rigrodsky & Long, P.A. ], with offices in Wilmington, Delaware and Garden City, New York, regularly litigates [ securities class, derivative and direct actions, shareholder rights litigation ] and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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