A class action lawsuit has been filed against the biotech company for allegedly violating the law by not seeking the highest value reasonably available in its proposed sale to AstraZeneca. The suit was filed in Montgomery County Circuit Court on behalf of shareholders and is seeking to block the sale. The lawsuit claims MedImmune withheld details of the proposed acquisition from shareholders to obtain maximum financial gain for themselves.
MedImmune stock was selling at $37 per share on April 11, the day before the company announced it would explore strategic alternatives, including a sale. On April 23, AstraZeneca agreed to pay $58 per share.
