Health & Fitness
Tue, September 18, 2012
NEW YORK--([ BUSINESS WIRE ])--Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Complete Genomics, Inc. (aComplete Genomicsa) (Nasdaq: GNOM) concerning the proposed acquisition of Complete Genomics by BGI-Shenzhen.
On September 17, 2012, Complete Genomics announced that it had entered into an agreement and plan of merger to be acquired by BGI-Shenzhen in an all cash deal valued at approximately $117.6 million. Under the terms of the agreement, Complete Genomicsa shareholders will receive $3.15 for each share of Complete Genomics stock owned.
However, Complete Genomicsa common stock traded at above the $3.15 offer price as recently as May 29, 2012 when it traded at $3.20 per share. Complete Genomicsa common stock also reached a trading high of $7.73 per share within the past year. In addition, in connection with the deal, Complete Genomics entered into an agreement with a wholly owned subsidiary of BGI-Shenzhen to be given a $30 million bridge loan to fund operations once the proposed acquisition is completed.
Complete Genomicsa Board of Directors has unanimously approved the proposed merger agreement which is expected to close early next year.
Newman Ferrara LLPas investigation concerns whether Complete Genomicsa Board of Directors has breached its fiduciary duties to act in the best interests of Complete Genomicsa shareholders and to take all necessary steps to ensure that Complete Genomicsa shareholders receive the maximum value readily available for their shares of Complete Genomics common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or [ rshimon@nfllp.com ] to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at [ www.nfllp.com ].
