Chelsea Therapeutics International Ltd. Securities Litigation
On or around 02/13/2015 (Notice of voluntarily dismissal)
Filing Date: May 30, 2014
According to the law firm press release, the complaint arises out of a May 8, 2014 press release announcing that Chelsea had entered into a definitive merger agreement with H. Lundbeck A/S, pursuant to which Chelsea shareholders would receive through a tender offer, $6.44 in cash for each share of Chelsea owned, as well as contingent value rights that may pay up to a total of an additional $1.50 per share upon achievement of certain commercial milestones over the next several years (the "Proposed Transaction").
The named plaintiff alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their duties and obligations owed to Chelsea shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading preliminary proxy statement on Form 14D-9 with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to Chelsea shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
On December 3, 2014, the Court appointed lead plaintiff and approved lead counsel.
Lead Plaintiff voluntarily dismissed this action on February 13, 2015.
Company & Securities Information
Defendant: Chelsea Therapeutics International Ltd.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: CHTP
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Gregory Schmidt, et al. v. Chelsea Therapeutics International Ltd., et al.