SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Anthem, Inc. (“Anthem” or the “Company”) (NYSE: ANTM) breached their fiduciary duties to the Company and its shareholders.
Specifically, our investigation focuses on Anthem’s failed $54 billion attempted merger with Cigna and whether Anthem’s officers and directors misled investors and the DOJ when they stated publicly that the merger would lead to improved efficiencies and reduced health care costs. Internal Anthem documents – which came out during the antitrust trial in the case – show that Anthem never had any plan to reduce health care costs post-merger and instead planned to raise costs, touting the increased profits the Company would reap once the merger closed.
We are also investigating whether Anthem’s directors and officers misled investors and the DOJ about its entanglement with the Blue Cross Blue Shield Association of America (“BCBS”). Anthem had made contractual commitments with BCBS. Anthem knew that BCBS would need to agree to lift these contractual restrictions for the merger to go through. Cigna contends that Anthem misrepresented to Cigna, the DOJ, and investors that the BCBS had agreed to lift these contractual restrictions even though Anthem knew that this was false.
The Board’s misrepresentations regarding the merger have resulted in serious harm to Anthem, because under the merger agreement, Anthem must pay Cigna a $1.85 billion termination fee, and Cigna is suing for nearly $14 billion in additional damages.
What You Can Do
If you are an Anthem shareholder, you may have legal claims against Anthem’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please call attorney Amber Eck at 619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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