UPDATE
On January 19, 2024, we filed filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Frascarelli et al. v. Physicians Realty Trust et al., Case No. 24-cv-00047-PAE, on behalf of a class (“Class”) of individuals and entities that held common stock of Physicians Realty Trust (NYSE: DOC) (“DOC”) as of the close of business on January 8, 2024 (“Class Period”), asserting claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and Securities and Exchange Commission Rule 14a-9 promulgated thereunder, and under Maryland state law, in connection with the proposed merger of DOC and Healthpeak Properties, Inc.
Investors are hereby notified that not later than March 22, 2024, any member of the purported Class may move the Court to serve as lead plaintiff of the purported Class in this action. If you wish to discuss this case with us at no charge, please complete and submit the form below.
A copy of the amended complaint is available for download in the right margin.
ORIGINAL INVESTIGATION
We are investigating the fairness of the proposed merger of Physicians Realty Trust (NYSE: DOC) (“DOC”) with Healthpeak Properties (“Healthpeak”) in an all-stock transaction valued at approximately $21 billion.
Why is there an investigation?
On October 30, 2023, DOC announced that it had agreed to merge with Healthpeak in an all-stock transaction valued at approximately $21 billion.
Under the terms of the merger agreement, DOC shareholders will receive 0.674 newly-issued Healthpeak common shares for each DOC common share they own. That exchange values each DOC share at approximately $11.07 per share.
According to TipRanks, the implied deal price of $11.07 per DOC share is below the average DOC price target for Wall Street analysts of $15.61 per share.
“We are investigating whether the DOC Board of Directors acted in the best interests of DOC shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to DOC shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, multiple DOC shareholders publishing to SeekingAlpha have expressed disappointment with the deal price, with an investor with the screenname Integrall commenting that this “deal needs to be soundly rejected by shareholders.” Other DOC shareholders on SeekingAlpha, including those with screennames shermer, Day TradeLong Term, and The Total Story, indicated that they planned to vote no on the deal.