Longs Drug Stores Corporation Shareholder Litigation
|Court:||Superior Court for the State of California, County of Contra Costa|
|Judge:||Hon. Barry Baskin|
|Case Contacts:||Mark Lebovitch|
This is a shareholder class action against Longs Drug Stores Corporation (“Longs” or the “Company”), Longs Directors, and CVS Caremark to enjoin an improper plan through which CVS Caremark would acquire all shares of Longs (the “Proposed transaction” or “Acquisition proposal”) without providing material disclosures, for inadequate consideration and under circumstances unfair to the Class.
BLB&G commenced this action on behalf of Louisiana Municipal Police Employees’ Retirement System and other Longs shareholders on August 22, 2008, alleging that Longs’ agreement to be acquired by CVS Caremark for approximately $2.9 billion via tender offer might be greatly underestimating the true value of the company, and that the agreement itself contains terms that create several barriers preventing Longs shareholders from receiving full value for their shares.
As a result of commencing this action and conducting discovery, including document reviews and depositions, BLB&G negotiated and obtained significant additional disclosures from the defendants concerning the valuation of Longs’ real estate holdings. The Court granted preliminary approval of the settlement and a final settlement approval hearing was held on March 19, 2009. The Court has since approved the settlement in its entirety.
Other Cases of Interest
Delaware Court of Chancery Mark Lebovitch
Northern District of California John Rizio-Hamilton, Mark Lebovitch, Jonathan D. Uslaner, Abe Alexander, Julia Tebor
New Senior Investment Group, Inc.
Delaware Court of Chancery Mark Lebovitch, David Wales, Edward G. Timlin, Tamara Gavrilova
Delware Chancery Court Mark Lebovitch
Intuitive Surgical Inc.
Superior Court of the State of California, County of San Mateo David Wales, Mark Lebovitch, Edward G. Timlin
Jefferies Group, Inc.
Delaware Court of Chancery Mark Lebovitch, Edward G. Timlin
Healthways, Inc. and SunTrust Bank
Delaware Court of Chancery Mark Lebovitch, David Wales
Globe Specialty Metals, Inc.
Delaware Chancery Court Mark Lebovitch, Jeroen van Kwawegen, Christopher J. Orrico
GFI Group Inc.
Delaware Court of Chancery Mark Lebovitch, David Wales, Edward G. Timlin