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Have you talked to the firms? Is anyone saying what they plan to do/get out of the settlement??
I sold to lower opportunity cost. The cost of waiting for the 3.15 is much higher than selling at 3.06 and getting my money back much sooner on another play.
If the buyout is for 3.15, how do you think the SP can go above that?
Be on watch today for the pps to increase. There are actually 4 or so groups actually advertising this as their play today on penny stock rumble.
I haven't heard anything back on the legal side, but if this could get up to 3.30-3.50 I will have a hard time not selling. That being said, may buy back in after it drops d/t the promo's.
Is there a date set for when you had to have your shares to be considered to be part of the possible legal actions??
-Josh
Only way this going to do anything is if 1. The deal goes dead or 2. Another company buys them out (directors could shop around if they are scared of being sued by thousands in lawsuits by several firms and are not already in a bound contract).
Otherwise this stock is flat till the end- still don't know why people are selling below the agreed $3.15 pps that is stated.
I only own 1605 shares, but being averaged in at ~2.94- that extra 10 cents is worth me waiting around since it will double my small profit- haha
All of course jmo. GLTA
-Josh
Ascending triangle looking close to breaking out (or down). The price is getting close to the apex of the triangle, so it'll choose a direction soon enough.
http://ichartpennystocks.com/forum/amex-nyse-and-nasdaq-penny-stocks/gnom-complete-genomics-inc-nasdaq-gm/
Thanks, Josh.
I have 10,400 shares and will vote no.
This deal is crooked on about 3 or 4 levels. Doesn't mean they can't pull it off, but not with my approval.
JP
I called and spoke with someone who patched me into Louis Boyarsky's voicemail, was on the other line. He is part of the: Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP firm, located: 1925 Century Park East, Suite 2100, Los Angeles, CA 90067,
reached by: telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to shareholders@glancylaw.com.
I left a VM around 7 PM and waiting to hear back what they say. If anyone else has talked to any of the other firms, and are not bound by any legal issues, what are you hearing from them, or what are others thinking about the best firm to look into.
Interesting from Seeking Alpha- http://seekingalpha.com/article/871401-complete-genomics-say-no-to-sale
One of the writers was long on GNOM and is voicing his thoughts and saying he wishes to vote no to the sell.
Anyone think this will cause a possible bidding war? Hard to think that this could occur though since they set the sell in place in June at $2.04. Does it usually take 3 months for the company to release the news that it is merging with another company???
Insult to injury... ROSG is up more than GNOM is today...what a POS this turned out to be.
Which law firm should I choose?
There are at least the following firms willing to represent me.
GNOM News: Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of Complete Genomics, Inc. (GNOM)
03:32 PM
GNOM News: Complete Genomics Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to BGI-Shenzhen
03:25 PM
GNOM News: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Complete Genomics, Inc.
02:57 PM
GNOM News: Securities Lawyers at Goldfarb LLP Seeking More Money, Information for Stockholders of Complete Genomics, Inc.
02:41 PM
GNOM News: Newman Ferrara LLP Announces Investigation of Complete Genomics, Inc.
Just how strange is this stock?
Announced deal on the table at $3.15, yet the stock is selling over 7 million shares and currently at $3.03.
At least four law firms advertising for clients to sue over the deal.
Why did I ever buy this stock!!!!!!!!!!!!!!!!! :>)
JP
Management is unanimously encouraging shareholders to accept the tender offer, which is open for 20 days, and expects the deal to be completed in early 2013. There remains a chance for higher bids on GNOM, so existing shareholders may want to hang on for a bit, however, the strong endorsement of management and the company`s Board suggest that this deal is likely a fait accompli.
JP
I don't think so. This stock is so manipulated, I wouln't be surprised if we don't even hit $3.15 until the sale is completed.
JP
6:31AM Complete Genomics and BGI-Shenzhen announce definitive agreement to merge; U.S. subsidiary of BGI will launch a tender offer to purchase all outstanding shares of common stock of Complete for $3.15 per share in cash, without interest (GNOM) 2.67 : Co and BGI-Shenzhen, an international genomics co based in Shenzhen, China, announced that they have entered into a definitive merger agreement. Through this agreement, a wholly-owned U.S. subsidiary of BGI will launch a tender offer to purchase all outstanding shares of common stock of Complete for $3.15 per share in cash, without interest. This price represents ~ a 54% premium to the $2.04 closing price per share of Complete common stock on June 4, 2012, the last trading day prior to Complete's announcement that it was undertaking an evaluation of strategic alternatives to secure the financial resources needed for continued commercialization of its technology. Complete's board of directors has unanimously recommended that stockholders accept the offer and tender their shares. Based on the number of fully diluted outstanding shares of Complete, the aggregate value of the transaction is approximately $117.6 million. In addition, Complete and an affiliate of BGI have entered into an agreement pursuant to which Complete will be provided with up to $30 million in bridge financing for its operations following the signing of the merger agreement.
Think shorts can push it to $3.50 or $4.00 with a squeeze?
$3.15 is the bottom; that is what has been offerred. Why people are selling for less is ????? I guess they can't wait until the sale is final.
JP
PRNewswire
September 17, 2012
New York, New York -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Complete Genomics Inc. Complete Genomics, Inc. (GNOM) ("Complete"), and BGI-Shenzhen ("BGI"), today announced that they have entered into a definitive merger agreement. Through this agreement, a wholly-owned U.S. subsidiary of BGI will launch a tender offer to purchase all outstanding shares of common stock of Complete for $3.15 per share in cash, without interest.
The investigation concerns whether the board of GNOM breached their fiduciary duties by not conducting a full and fair auction for the company in trying to obtain the highest possible price for shareholders while not obtaining personal benefits for themselves in selling the company. Indeed, analysts project the true inherent value of the company is worth at least $5 per share.
If you are a shareholder of GNOM and would like additional information, please contact us toll free at 877-772-3975.
Tripp Levy PLLC is a national law firm and has recovered millions of dollars for shareholders in actions around the globe.
I am also interested in shorts covering. I assume shorts HAVE to cover by a certain date. With 1,711,100 shares sold short at the current time, at least that volume should present a bit of a squeeze. If they don't cover today, they are cooked.
JP
I agree right now that 3.15 is too low, but when you see that the talks began at 2.04 for the merger, 3.15 looks a lot better. When the "big buyer" was in play around 2.50-3.20, I was hoping for 4-5. Based on a pps at $3, a buyout at 4.5-5 would be roughly the same percent gain as the 3.15 pps now. I am seriously kicking myself now not buying all I could at 2.10. Haha
But could we see shorts covering and this actually go to a higher pps to sell at?
That may be a very dumb question, but being new to buyouts and mergers, not sure how the price fluctuations can go.
Thanks.
Looks like a done deal, unless someone holds enough shares to block the sale. It would be nice if someone stepped up today with a better offer.
$3.15 seems way too low to me.
JP
GNOM buyout: $117.6 Million Deal
By Melodie Warner
Complete Genomics Inc. (GNOM) agreed to be acquired by the China-based
genomics company BGI-Shenzhen in a roughly $117.6 million deal.
BGI's U.S. unit will launch a cash tender offer of $3.15 a share, an 18%
premium to Complete Genomics's Friday close. The stock has risen 36% over the
past three months.
In June, Complete Genomics announced plans to cut 55 jobs and the provider of
human genome sequencing also said it hired an adviser to explore strategic
options, including a possible sale.
The company's board has unanimously recommended shareholders accept the offer
and tender their stock.
All of Complete Genomics's directors, executive officers and certain other
major stockholders--who collectively own about 17.5% of the stock
outstanding--have agreed to tender their shares.
The companies expect to complete the transaction in early 2013.
Complete Genomics launched as a venture-based company working to make DNA
sequencing faster and cheaper. It has struggled with recurring losses since
becoming a public company in November 2010, though its prospects seemed to
improve after it signed an agreement in February with the Mayo Clinic's Center
for Individualized Medicine to provide whole human genome sequencing services.
Write to Melodie Warner at melodie.warner@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 17, 2012 07:01 ET (11:01 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.
091712 11:01 -- GMT
Read that article around 8 this morning. Not the buyout number I had hoped for, 5 or 6 would have been real nice, but it puts me back in the green overall.
This is my first company that has been acquired in the short time that I've been trading- are we guaranteed a certain price on our shares or should I look to sell based on this recent pps? I know noone can give investing advice per se, but based on past instances what would you expect going forward?
Complete Genomics and BGI-Shenzhen Announce Definitive Agreement to Merge
Combination Will Create a Global Innovator in Whole Human Genomic Sequencing
Press Release: Complete Genomics, Inc. – 12 minutes agoEmailShare0PrintCompanies:Complete Genomics, Inc.RELATED QUOTESSymbol Price Change
GNOM 2.67
MOUNTAIN VIEW, Calif. and SHENZHEN, China, Sept. 17, 2012 (GLOBE NEWSWIRE) -- Complete Genomics, Inc. (GNOM) ("Complete"), an innovative leader in whole human genomic sequencing, and BGI-Shenzhen ("BGI"), a leading international genomics company based in Shenzhen, China, today announced that they have entered into a definitive merger agreement. Through this agreement, a wholly-owned U.S. subsidiary of BGI will launch a tender offer to purchase all outstanding shares of common stock of Complete for $3.15 per share in cash, without interest. This price represents approximately a 54% premium to the $2.04 closing price per share of Complete common stock on June 4, 2012, the last trading day prior to Complete's announcement that it was undertaking an evaluation of strategic alternatives to secure the financial resources needed for continued commercialization of its technology.
Complete's board of directors has unanimously recommended that stockholders accept the offer and tender their shares. Based on the number of fully diluted outstanding shares of Complete, the aggregate value of the transaction is approximately $117.6 million. In addition, Complete and an affiliate of BGI have entered into an agreement pursuant to which Complete will be provided with up to $30 million in bridge financing for its operations following the signing of the merger agreement.
Complete provides whole human genome sequencing, which is used by research centers to conduct medical research that, in the future, is expected to be used by doctors and hospitals to improve both prevention and treatment of disease. BGI operates international genome sequencing centers, which support genetic research into agriculture, animals and humans and serve researchers around the world including the United States. The combination of the two companies is expected to bring together complementary scientific and technological expertise and R&D capabilities. Complete will continue to be operated as a separate company with headquarters and operations remaining in Mountain View, California.
BGI's CEO Dr. Wang Jun said, "Complete has developed a proprietary whole human genome sequencing technology that, together with other sequencing platforms used by BGI, will fit well with our research and business requirements and position Complete to become an even more successful global innovator. We look forward to growing the business to improve medical research and, when clinical services are provided, support better disease diagnosis with tools that can be used by doctors and hospitals to treat their patients."
"With the assistance of our advisors, we engaged in a thorough review of a broad set of possible alternatives for the company, and we believe the transaction with BGI represents the best outcome for our stockholders, offering them liquidity and a premium value," said Dr. Clifford Reid, chairman and CEO of Complete. "In addition, it offers a great outcome for our customers, present and future. The combination of the companies' resources provides an opportunity to accelerate our vision of providing researchers and physicians with the genomic information needed to prevent, diagnose, and treat cancers and other genetic diseases."
The Offer and the Merger
Under the terms of the definitive merger agreement, a wholly-owned subsidiary of BGI will commence a tender offer to purchase all of the outstanding shares of Complete common stock for $3.15 per share in cash, without interest, within seven business days and the tender offer will remain open for a minimum of 20 business days following the commencement. All of Complete's directors and executive officers as well as certain other major stockholders, who collectively own approximately 17.5% of the outstanding common stock of Complete, have entered into a tender and support agreement and have agreed to tender all of their shares pursuant to the tender offer. The tender offer is conditioned upon the satisfaction of various conditions, including, at least a majority of the outstanding common stock of Complete (determined on a fully diluted basis) being tendered, the termination of any waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, clearance by the Committee on Foreign Investment in the United States, the approval of certain governmental authorities in the People's Republic of China, as well as the satisfaction of other customary conditions. The transaction is expected to be completed in early 2013. The merger agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $3.15 per share in cash, without interest.
Advisors
Citi is serving as financial advisor for the transaction to BGI and O'Melveny & Myers LLP is acting as BGI's legal counsel. Complete is advised by Jefferies & Company and its legal counsel is Latham & Watkins LLP.
About BGI
BGI includes both private non-profit genomic research institutes and sequencing application commercial units that provide comprehensive sequencing and bioinformatics services for medical, agricultural and environmental applications. Our commercial activities help our customers achieve their research goals by delivering rapid, high-quality results using a broad array of cost-effective, cutting-edge technologies. Our customers also benefit from our scientific expertise and research experience that have generated over 250 publications in top-tier journals such as Nature and Science. BGI is recognized globally as an innovator for conducting international collaborative projects with leading research institutions to better mankind and our world. Additional information about BGI and its U.S. subsidiary, BGI Americas, can be found at www.genomics.cn/en and www.bgiamericas.com.
About Complete
Through its pioneering sequencing-as-a-service model, Complete provides the most accurate whole human genome sequencing available today. The ease of use and power of Complete's advanced informatics and analysis systems provide genomic information needed to better understand the prevention, diagnosis, and treatment of diseases. Additional information can be found at http://www.completegenomics.com.
Additional Information and Where to Find It
The tender offer proposed by a wholly-owned U.S. subsidiary of BGI referred to in this release has not yet commenced, and this release is neither an offer to purchase nor a solicitation of an offer to sell securities. If and when the tender offer is commenced, (i) BGI will cause to be filed with the Securities and Exchange Commission (the "SEC") a tender offer statement and (ii) Complete Genomics, Inc. (the "Company") will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of these documents (if and when they become available) and other relevant documents filed with the SEC through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of these materials filed by the Company by contacting Investor Relations by telephone at (650) 943-2788, by mail at Complete Genomics, Inc., Investor Relations, 2071 Stierlin Court, Mountain View, California 94043, or by going to the Company's Investor Relations page on its corporate website at www.completegenomics.com.
Note on Forward-Looking Statements
Certain statements either contained in or incorporated by reference into this document are forward-looking statements that involve risks and uncertainty. Future events regarding the proposed transactions and both the Company's and BGI's actual results could differ materially from the forward-looking statements. Factors that might cause such a difference include, but are not limited to, statements regarding the combined companies' plans following, and the expected completion of, the proposed acquisition. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements and generally include statements that are predictive in nature and depend upon or refer to future events or conditions. Risks and uncertainties include the ability of the Company and BGI to complete the transactions contemplated by the Merger Agreement, including the parties' abilities to satisfy the conditions to the consummation of the proposed acquisition; the possibility of any termination of the merger agreement; the timing of the tender offer and the subsequent merger; uncertainties as to how many of the Company's stockholders will tender their shares of common stock in the tender offer; the possibility that various other conditions to the consummation of the tender offer or the subsequent merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the acquisition; other uncertainties pertaining to the business of the Company or BGI; legislative and regulatory activity and oversight; the continuing global economic uncertainty and other risks detailed in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2012, Quarterly Reports on Form 10-Q and its subsequently filed SEC reports, each as filed with the SEC, which contains and identifies important factors that could cause actual results to differ materially from those contained in the forward-looking statements. The reader is cautioned not to unduly rely on these forward-looking statements. Each of the Company and BGI expressly disclaims any intent or obligation to update or revise publicly these forward-looking statements except as required by law.
Are we still ticking?
'Cause we certainly took a licking!
long and fortunately patient, I am
JP
I see this dip as a buying oportunity;
CLIA certification will probably pump this baby back up. I bought some.
Robert W. Baird downgraded shares of Complete Genomics (GNOM) from an outperform rating to a neutral rating. Their analysts now have a $3.00 price target on the stock.
http://finance.yahoo.com/news/equity-brief-upgrades-downgrades-september-141402340.html
JP
I read that this morning too but didn't think it would cause it to be down, as of now 13%. Looks like there is a strong support in the 2.50's- maybe a bottom? The good thing about this stock is it can fly when it starts up. Looking at L2, doesnt really seem like it would be hard to have it shoot back to 2.80-2.90 range....who knows??
I wish I knew...getting CRUSHED this AM...may look to see what it does and consider it a chance to average down..
A January downgrade from outperform to perform announced today (?) is the cause for this 11% decline?
Tell me this is not fishy.
Who can ever figure out the market?
Not me
JP
What is going on with this stock? Every time it hits $3.20, we seem to then have a week of decline, especially in the pre-market. Yesterday and so far today prime examples.
Hoping this is an attempted shakeout before good news, which I fully expect by the end of the month.
JP
I have no idea how someone, somehow, keeps the pps below $3.
There must be someone (some trader) with a boatload of shares to sell into the bid every time the price starts to rise. Must have a side deal with whomever it is that is accumulating shares in preparation for a buyout.
We may know very soon.
JLTA
JP
something is definitely brewin.. glad i got all my shares
Volume at the bid is picking up.
This is a good sign people.
Hold as tight as you can; do not sell below 8
JP
The company is making "good progress" toward CLIA certification and expects to obtain a license to operate a CLIA laboratory by mid year, Reid said. Many customers, including basic researchers, have been "very interested" in CLIA sequencing services, he said, perceiving it as independent validation of the quality and reproducibility of Complete's data. For that reason, Reid said, the company plans to make CLIA sequencing "the mainstream of what we do" rather than "having one instrument off in the corner" dedicated to CLIA services.
certification for what?
Thanks looks like a great day today. Im holding!
Keep holding as long as you can.
Patience will be rewarded.
We are in a steady climb which should continue until we hear positive news.
JP
September should be a profitable month.
Certification and resolution of the company status going forward.
We will know it when we see it.
Look for volume in the 3-5 million share range right before announcement.
All JMHO
JP
Certification news should be coming soon. Does anyone know if that happens in early September?
I see that sorry but once a stock dips especially on an up day that tells me it will dip more. I am gonna wait a bit longer. Looks good tho. gl
This is a dip.
For the last year.
I will be getting in on a dip here. Thanks for the tip
Need to break 2.78 today.
I've been holding for a while now and wish I had money to have average down when it was 2.10. I'm averaged in around 2.80's so green days are always great. Is the 'buyout' even being issued around anymore or something that is kinda always a possible thing on the table? GNOM!!
Slowly GNOM turned, step by step GNOM advanced...............
Then................
soon to come................
Breakout!!!
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http://www.completegenomics.com/
http://finance.yahoo.com/q/ks?s=GNOM+Key+Statistics
Our solution for complete human genome sequencing and analysis provides academic and biopharmaceutical researchers with complete human genomic data and analysis at an unprecedented quality, cost and scale without requiring them to invest in in-house sequencing instruments, high-performance computing resources and specialized personnel. By removing these constraints and broadly enabling researchers to conduct large-scale complete human genome studies, we believe that our solution has the potential to revolutionize medical research and expand understanding of the basis, treatment and prevention of complex diseases.
By the end of 2010, we expect our facility to have the capacity to sequence and analyze over 400 complete human genomes per month. We expect this capacity to increase over threefold in 2011.
In future years, we plan to construct additional genome centers in the United States and other strategic markets to accommodate an expected growing global demand for high-quality, low-cost complete human genome sequencing on a large scale.
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