SAN DIEGO, Jan. 11, 2010 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit has been filed in the Southern District of New York on behalf of current investors in Alcon, Inc. (NYSE:ACL), who purchased their ACL shares before January 01, 2010, against Novartis AG, Nestle, S.A., and others for violating their fiduciary duties and Alcon's corporate foundational documents.
Novartis owns roughly 25 percent of Alcon shares and on January 04, 2010 Novartis announced to acquire the remaining approximate 23 percent of the outstanding publicly-held shares at approximately $147 per share.
Previously Novartis secured and excised an option to buy Nestle's remaining 52 percent Alcon stake at a weighted average price of US$180 per share. The 25 percent Alcon stake already owned by Novartis and the option to Nestle's remaining 52 percent Alcon stake has made Novartis the controlling shareholder of Alcon. The Alcon's directors have also issued a press release that they are disappointed that Novartis is "attempting to circumvent those protections and corporate governance best practices" which exist at Alcon for the protection of the Company's minority shareholders.
According to the complaint the plaintiff alleges that in light of $180 per share Novartis will pay Nestle the offer to pay $145 per share to the Alcon minority shareholders is inadequate, that Alcon's controlling shareholders are attempting to force on the Alcon minority shareholders a transaction at an unfair price without any vote or ability to refuse, and that Alcon's controlling shareholders structured the offer to deprive Alcon's minority shareholders of any protection or legal redress.
Those who currently are investors in shares of Alcon, Inc (NYSE:ACL) and purchased their shares before Jan. 01, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The group offers help, support, and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931