Plumbers And Steamfitters Union File Lawsuit Against AbbVie And Shire PLC Merger

Las Vegas, NV, September 11, 2014 (Newswire.com) - On Sept. 15, the Plumbers and Steamfitters union in Louisiana filed a class action lawsuit against AbbVie Inc., a pharmaceutical research lab, and Shire PLC, a biopharmaceutical manufacturer.

The lawsuit was filed in a Delaware court. In July, AbbVie announced that their $54 billion acquisition of Shire PLC would create tax liability for shareholders. They believed this because the two companies were being merged on the island of Jersey in the Channel Islands.

If the majority of shareholders voted against the acquisition, the company was going to impose a termination fee of $500 million. The lawsuit is seeking justice for this money. The Plumbers and Steamfitters union is also going after JP Morgan Chase, who played a huge role in AbbVie’s finances with the merger.

The Plumber and Steamfitters union was to prevent Abbvie from holding a secret meeting. They also want Abbvie to address the pension fund concerns and to hold board members liable for breaching their fiduciary duties.

Beginning Dec. 31, 2012, the Plumbers and Steamfitters union had over $59 million in assets. This number was found on their most recent Form 5500 filing.

The pension fund’s counsel declined to comment on the lawsuit. The spokeswoman for AbbVie was not able to be reached for a comment. The attorney representing the Plumbers and Steamfitters union believes that they have a strong case against the company. The trial date for the lawsuit has not yet been set.

For more information about the Plumbers and Steamfitters union, contact JMAC Plumbing at 702.227.5622 or visit their website at www.jmacnv.com.