Energy News / Shareholders Foundation, Inc.

Kite Pharma Inc (NASDAQ:KITE) Shareholder Notice: Lawsuit Against Takeover by Gilead Sciences, Inc

Via: ReleaseWire

Updated 12:00 PM CDT, Mon, September 11,2017

A lawsuit was filed for investors in shares of Kite Pharma Inc (NASDAQ:KITE) in connection with the proposed takeover and NASDAQ:KITE stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 09/11/2017 -- The Shareholders Foundation announces that an investor in shares of Kite Pharma Inc (NASDAQ:KITE) filed a lawsuit against the acquisition of Kite Pharma Inc. by Gilead Sciences, Inc.

Investors who purchased shares of Kite Pharma Inc (NASDAQ:KITE) and currently hold any of those NASDAQ:KITE shares have certain options and should contact the Shareholders Foundation at or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:KITE investors stockholders by agreeing to sell Kite Pharma Inc.

On August 28, 2017, Gilead Sciences, Inc. (Nasdaq: GILD) and Kite Pharma Inc (NASDAQ:KITE) announced that the companies have entered into an agreement pursuant to which Gilead will acquire Kite Pharma Inc (NASDAQ:KITE) for $180.00 per share in cash.

However, the plaintiff claims that the proposed consideration NASDAQ:KITE shareholders will receive is grossly inadequate and undervalues Kite Pharma Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:KITE stockholders. The plaintiff claims that the defendants agree to preclusive deal protection devices such as, a no solicitation, a matching right, and a termination fee provision, that deter other bidders from making a superior offer for Kite Pharma.

Shares of Kite Pharma Inc (NASDAQ:KITE) closed on September 8, 2017, at $178.23 per share.

Those who are current investors in Kite Pharma Inc (NASDAQ:KITE) shares have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

For more information on this press release visit:

Media Relations Contact
Michael Daniels
Email: Click to Email Michael Daniels