Endocyte, Inc. (NASDAQ: ECYT) Investor Lawsuit Filed Over Alleged Wrongdoing In Acquisition

Investors who purchased shares of Endocyte, Inc. (NASDAQ: ECYT) and currently hold any of those NASDAQ: ECYT shares have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Endocyte
Case Name: 
Endocyte Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ECTY
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Summary: 

An investor, who currently holds shares of Endocyte, Inc. (NASDAQ: ECYT), filed a lawsuit against the takeover of Endocyte, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: ECYT stockholders by agreeing to sell Endocyte, Inc. cheaply via an unfair process.

On October 18, 2018, Endocyte, Inc. (Nasdaq:ECYT) announced that it has entered into an agreement and plan of merger with Novartis AG pursuant to which Novartis will acquire Endocyte for $24 per share, or a total equity value of approximately $2.1 billion, in cash.
However, plaintiff claims that the proposed consideration NASDAQ: ECYT shareholders will receive is grossly inadequate and undervalues Endocyte, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: ECYT shares at $25.00 per share. In addition, the plaintiff alleges that the process is also unfair Endocyte, Inc. stockholders.