BioClinica Inc., which provides clinical trial management services, was sued by an investor who claims the stock is undervalued in a $123 million buyout offer from New York private-equity firm JLL Partners Inc.
Because of the company’s future prospects, directors of Newtown, Pennsylvania-based BioClinica could have negotiated a higher price than the agreed-upon $7.25 a share, said James Gerson in the Delaware Chancery Court complaint made public today in Wilmington.
“Despite the persistent economic downturn throughout the United States, the company has seen a significant operating improvement in the last 12 months,” lawyers for Gerson said in the filing. They ask a judge to halt the transaction under its present terms and to award damages.
Mark Weinstein, BioClinica’s chief executive officer, didn’t immediately respond to a request seeking comment on the lawsuit.
BioClinica, which reported $83.9 million in 2011 sales, fell 3 cents to $7.23 at 12:34 p.m. in New York.
The case is Gerson v. BioClinica, CA8272, Delaware Chancery Court (Wilmington).