The $1.4 billion deal that Foster-City based Gilead Science’s announced March 12 to buy CV Therapeutics of Palo Alto has triggered a class-action shareholder lawsuit.
The legal action, which CV Therapeutics disclosed today in a filing with the U.S. Securities and Exchange Commission, was filed March 19 in Santa Clara County Superior Court by a group called Superior Partners. It accuses CV Therapeutics and its board of failing in their fiduciary duty to stockholders.
Among other claims, the suit alleges that CV Therapeutics’ board limited the number of potential buyers for the company and had a conflict of interest because they will receive monetary compensation from the sale.
CV Therapeutics denied the claims.