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 firstname.lastname@example.org 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.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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