Stull, Stull & Brody Files Class Action Suit Against Novartis AG and Nestlé S.A. on Behalf of the Public Minority Shareholders of Alcon, Inc.
Stull, Stull & Brody today announced that a class action lawsuit has
been commenced in the United States District Court for the Eastern
District of New York on behalf of the public minority shareholders of
Alcon, Inc. ("Alcon”) (NYSE: ACL), seeking to pursue remedies under the
Securities Exchange Act of 1934 (the "Exchange Act”) and common law.
Members of the alleged plaintiff class are the public minority
shareholders of Alcon. If you wish to discuss this action or have
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel Jason D’Agnenica at Stull, Stull & Brody at
1-800-337-4983 or 1-212-687-7230, or via e-mail at alcon@ssbny.com.
Any member of the alleged class may, within 60 days from today, move the
Court to serve as lead plaintiff on behalf of the alleged class through
counsel of their choice, or may do nothing and remain an absent member
of the alleged class.
The class action complaint ("Complaint”) alleges that Novartis AG
("Novartis”) and Nestlé S.A. ("Nestlé”) violated Sections 13 and 14 of
the Exchange Act, Rules 13d-1, 14d-1 and 14d-10 promulgated thereunder
by the Securities and Exchange Commission, and common law, by, among
other things, using their control of the majority of Alcon stock to
structure a transaction that is fundamentally unfair and coercive to
Alcon’s public minority shareholders. The Complaint alleges that despite
Novartis’ agreement to pay Nestlé $180 per share in cash for its 52%
ownership of Alcon’s outstanding common stock, Novartis proposed to pay
the public minority shareholders of Alcon, who collectively own 23% of
Alcon’s outstanding stock, the unfair and inadequate consideration of
2.8 shares of Novartis stock, or approximately $153 per share. The
Complaint alleges that the terms of the transaction are unfair, coercive
and damaging to the public minority shareholders of Alcon and that if
the proposed transaction is consummated Nestlé will be paid a
substantial price premium for its Alcon shares and Novartis will obtain
full ownership and control of Alcon.
Stull, Stull & Brody has been retained by a public minority shareholder
of Alcon seeking to prevent consummation of the transaction as proposed
and/or other relief, individually and on behalf of the alleged class.
Stull, Stull & Brody has offices in New York and Los Angeles and has
litigated many class actions on behalf of investors over the past 40
years and has obtained court approval of substantial settlements on
numerous occasions. The Stull, Stull & Brody website (www.ssbny.com)
has more information about the firm.
