Endocyte's $2.1B Sale To Novartis 'Unfair' To Investors: Suit
Law360 (November 6, 2018, 6:35 PM EST) -- Cancer treatment company Endocyte Inc. and its directors omitted crucial information from a proxy statement and undervalued the business in its $2.1 billion acquisition by Novartis AG, according to an investor who called the deal “fundamentally unfair” to stockholders in a lawsuit in Indiana federal court Tuesday.
Shareholder Elaine Wang accused Endocyte, a biopharmaceutical company that produces targeted therapies for various cancers and inflammatory diseases, of violating federal securities laws by failing to disclose financial projections in its proxy filing to the U.S. Securities and Exchange Commission, and by entering into an agreement that Wang said would not compensate investors properly. ...
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