Case Page

 

Case Status:    ONGOING    
On or around 04/12/2017 (Ongoing date of last review)

Filing Date: April 11, 2017

According to the Complaint, on December 22, 2017, Tokai announced that it had entered into a Share Purchase Agreement under which the stockholders of Otic will become the majority owners of Tokai. Additionally, on January 31, 2017, Tokai entered into a stock purchase agreement (the “Tokai Stock Purchase Agreement”) with certain purchasers, who are either existing stockholders or employees of Otic, who have agreed to purchase 3,603,601 shares of Tokai common stock for $1.11 per share (the “Equity Financing”).

On April 7, 2017, Tokai filed a Definitive Proxy Statement on Schedule 14A with the SEC (the “Proxy”), in connection with the Proposed Transaction. The Complaint alleges the Proxy, which recommends that Tokai stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Tokai management’s projections, including the projections utilized by the Company’s financial advisor, Wedbush Securities Inc. (“Wedbush”) in its financial analyses; (ii) the valuation analyses prepared by Wedbush in connection with the rendering of its fairness opinion; (iii) Wedbush’s potential conflicts of interest; and (iv) material information concerning the background of the process leading up to the Proposed Transaction.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TKAI
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.
COURT: D. Massachusetts
DOCKET #: 17-CV-10621
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 04/11/2017
CLASS PERIOD START: 12/22/2016
CLASS PERIOD END: 04/11/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Matorin Law Office, LLC
    18 Grove Street, Suite 5, Matorin Law Office, LLC, MA 02482
    (781) 453-0100 ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
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