Genomic

Practice Area: 
Stock Symbol: 
GHDX
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating Genomic (Nasdaq: GHDX) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Genomic to Exact Sciences.

Ademi & O’Reilly, LLP alleges Genomic’s financial outlook is improving and yet shareholders will receive only $27.50 in cash and $44.50 in shares of Exact Sciences stock, subject to a 10% collar, for each share of Genomic common stock they own.  Exact Sciences is acquiring Genomic at a substantial discount.  The merger agreement unreasonably limits competing bids for Genomic by prohibiting solicitation of further bids, and imposing a termination penalty if Genomic accepts a superior bid. Genomic insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Genomic’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Genomic.