WuXi Accused Of Shorting Investors In Go-Private Deal
Law360 (February 22, 2019, 3:45 PM EST) -- A putative class of investors alleged in New York federal court on Thursday that pharmaceutical research and development company WuXi PharmaTech kept them in the dark about plans to spin off subsidiaries following a $3.6 billion merger that took the company private.
A class of investors led by Altimeo Asset Management alleges that WuXi PharmaTech (Cayman) Inc. failed to disclose to investors a strategy to spin off or list three subsidiaries. The offerings and fundraising rounds raised millions and caused the company valuations to soar, ultimately dwarfing the take-private merger price.
The investors allege that the take-private offer was made by...
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