Allegations have surfaced that Amylin Pharmaceuticals failed to notify shareholders that it rejected a buyout offer from Bristol-Myers Squibb for $22 per share yet the insiders then awarded themselves new low-priced options.
In a shareholder derivative action, a shareholder theoretically files a claim on behalf of the corporation to protect its investors and to holder officers and directors accountable for improper management of the company.
Note: We are no longer accepting claims regarding the Amylin Pharmaceuticals shareholder derivative action.
If you are an Amylin Pharmaceuticals shareholder, you may be able to file a shareholder derivative action in light of allegations surrounding a buyout offer from Bristol-Myers Squibb. The plaintiff is this case would seek to enjoin the proposed merger of Amylin Pharmaceuticals and Bristol-Meyers Squibb claiming that because the price is too low the process is flawed. It has been alleged that in February, defendants failed to notify the Amylin Pharmaceuticals' shareholders that the company rejected a buyout offer from Bristol-Myers Squibb for $22 per share yet the insiders then awarded themselves new low-priced options.
What is a Shareholder Derivative Action?
A shareholder derivative action can be brought when it is believed that the company’s management has failed to act in the best interests of the corporation. Essentially, the plaintiff shareholder will “step into the company’s shoes” by filing their claim to protect the interests of the shareholders and to assert the corporation’s rights. In lodging such a claim, a sole investor may be able to induce company-wide change which otherwise might not have occurred, including the nurturing of corporate governance reform for the benefit of shareholders, the removal of board members who injured the company, and the award of monetary damages.
Can You Bring a Claim?
If you are an Amylin Pharmaceuticals shareholder and are interested as serving as a plaintiff in this potential action, fill out our free case review form today for more information. These types of claims protect the rights of shareholders, hold officers and directors accountable for their wrongdoings, and enhance corporate governance at businesses throughout the nation. We are looking forward to hear from investors who stress the need for liability and honesty in corporate boardrooms and look to take a stand against alleged corporate fraud and misconduct.