On or around 01/30/2018 (Court's order of dismissal)
Filing Date: September 27, 2017
On August 9, 2017, Cempra announced that it had entered into an Agreement and Plan of Merger (the "Merger Agreement"), under which Castle Acquisition Corp., a wholly owned subsidiary of Cempra, will merge with and into Melinta, with Melinta surviving the merger as a wholly owned subsidiary of Cempra. According to the Complaint, the Merger Consideration offered to Cempra's public stockholders in the Proposed Transaction is unfair and inadequate because, among other things, the intrinsic value of the Company's common stock is materially in excess of the exchange ratio offered in the Proposed Transaction given the Company's prospects for future growth and earnings.
The Complaint alleges the Proxy filed with the SEC in connection with the Proposed Transaction misrepresents and/or omits material information that is necessary for the Company's shareholders to make an informed decision concerning whether to vote in favor of the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act.
On January 30, 2018, the Court dismissed this case due to a procedural issue.
Company & Securities Information
Defendant: Cempra, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: CEMP
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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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
Nhu Tran, et al. v. Cempra, Inc., et al.
COURT: M.D. North Carolina
DOCKET #: 17-CV-00870
JUDGE: Hon. Thomas D. Schroeder
DATE FILED: 09/27/2017
CLASS PERIOD START: 08/09/2017
CLASS PERIOD END: 09/27/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Monteverde & Associates PC 350 Fifth Avenue, 59th Floor, Monteverde & Associates PC, NY 10118 (212) 971-1341 ·
Ward Black Law 208 W. Wendover Avenue, Ward Black Law, NC 27401 336.333.2244 336.379.9415 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934
U.S. District Court Civil Docket
Order Dismissing Action without Prejudice for Failure to Obtain Service
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available