Stockholder Claims PharMerica Filed Misleading Proxy Statement

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PharMerica Corporation and its board of directors have been named as defendants in a proposed class action lawsuit filed by a stockholder who claims the company issued a misleading proxy statement in connection with a merger between the company and affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR). According to the complaint, the proxy was missing necessary details regarding PharMerica’s financial projections and the valuation analyses performed by its financial advisor that incorporated those projections.

Furthermore, the plaintiff argues that the defendants failed to disclose information concerning potential conflicts of interest among the company’s board members. Though the statement reportedly notes that discussions took place regarding future employment for PharMerica executives, the suit claims the defendants omitted details regarding the timing of those communications and who was involved, which the plaintiff says is material information to stockholders.