SAN DIEGO, CA / ACCESSWIRE / May 22, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who formerly held Aetna Inc (NYSE: AET) shares.
Investors, who held shares of Aetna Inc (NYSE: AET) and received CVS Health (CVS) shares as a result of the takeover, might have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On December 3, 2017, CVS Health (CVS) and Aetna (NYSE: AET), announced the execution of a merger agreement under which CVS Health will acquire all outstanding shares of Aetna for a combination of cash and stock. Under the terms of the merger agreement, Aetna shareholders received $145.00 per share in cash and 0.8378 CVS Health shares for each Aetna share. Based on a closing price of $75.12 per NYSE:CVS share on December 1, 2017 investors in NYSE: AET shares received a value of approximately $207.94 per NYSE: AET shares.
However, the plaintiff alleges that CVS Health issued shares of CVS Health stock to former Aetna investors based on a registration statement filed with the Securities Exchange Commission rife with "false and misleading financial results, trends and metrics." Among other things, the plaintiff alleges that the registration statement was false and misleading because it touted the purported success and benefits of CVS Health's 2015 acquisition of Omnicare, Inc, and a host of yearly and quarter financial results, trends and metrics that were allegedly materially inflated thereby, while failing to disclose that, in truth, by the time of the merger, CVS Health's financial condition and expected earnings were already severely deteriorating as a result of rising costs and poor results associated with the acquisition of Omnicare.
Shares of CVS Health (CVS) declined from $81.56 per share in November 2018 to as low as $51.72 per share on May 17, 2019.
Those who held shares of Aetna Inc (NYSE: AET) and received CVS Health (CVS) shares as a result of the takeover should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, 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 Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: The Shareholders Foundation, Inc.