Sepracor Investor Sues Over Dainippon Takeover

Law360, New York (September 21, 2009, 12:45 PM EDT) -- A Sepracor Inc. shareholder has filed a putative class action against the pharmaceutical company's board over proxy statements related to a possible takeover by Japanese drugmaker Dainippon Sumitomo Pharma Co.

According to a complaint filed Friday in the U.S. District Court for the District of Massachusetts, Sepracor and its board violated federal securities laws by issuing a recommendation statement for the takeover that contains misleading information and omissions of material fact.

The James A. Welch Revocable Trust is asking that the suit be certified as a...
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