On or around 07/10/2019 (Settlement preliminarily approval)
Filing Date: February 17, 2017
According to the Complaint, it is allegedDefendants have asked Transgenomic shareholders to vote in favor of this extremely complex Proposed Transaction by disseminating a materially incomplete and misleading Proxy Statement (the “Proxy”), in violation of Sections 14(a) and 20(a) of the Exchange Act. In particular, the Proxy contains materially incomplete and misleading information concerning: (i) the terms and details surrounding discussions regarding alternative strategic proposals the Company received from other parties; (ii) financial projections for the Company and Precipio; and (iii) the valuation analyses performed by the Company’s financial advisor, Craig-Hallum Capital Group LLC (“Craig-Hallum”), in support of its so-called “fairness opinion.”
On August 9, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on August 25. Defendants filed a Motion to Dismiss the amended Complaint on October 10. On May 3, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, closing the case. On May 31, Lead Plaintiff filed a Notice appealing the Court's Order of dismissal. On March 1, 2019, the Court of Appeals issued an opinion reversing the decision of the District Court and remanding for proceedings consistent with their opinion.
On May 22, the parties announced that they had reached a Settlement in principle and expected to be able to file a Stipulation of Settlement within 30 days. On June 21, the parties entered into a Stipulation of Settlement. On July 10, the Court issued an Order granting preliminary approval of the Settlement.
Company & Securities Information
Defendant: Transgenomic, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: TBIO
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Jesse Campbell, et al. v. Transgenomic, Inc., et al.