Sucampo Pharmaceuticals, Inc. Securities Litigation
On or around 07/23/2018 (Court's order of dismissal)
Filing Date: January 18, 2018
According to the Complaint, Sucampo is a biopharmaceutical company focused on the development and commercialization of pharmaceutical products. The Company’s primary focus areas are gastroenterology, ophthalmology, and oncology-related disorders.
On December 26, 2017, Sucampo and Mallinckrodt issued a joint press release announcing that they had entered into a definitive agreement (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Acquisition Sub will commence a cash tender offer to acquire all of the issued outstanding shares of Sucampo common stock for $18.00 per share (the “Offer Price”). The Tender Offer is valued at approximately $1.2 billion.
The Complaint alleges that on January 16, 2018, in order to convince Sucampo stockholders to tender their shares, the Board authorized the filing of a materially incomplete and misleading Schedule 14D-9 Solicitation/Recommendation Statement (the “14D-9”) with the Securities and Exchange Commission (“SEC”). The Complaint alleges that in particular, the 14D-9 contains materially incomplete and misleading information concerning: (i) financial projections for the Company; and (ii) the valuation analyses performed by the Company’s financial advisor, Jefferies LLC (“Jefferies”), in support of their fairness opinions.
This case was voluntarily dismissed on July 19, 2018.
Company & Securities Information
Defendant: Sucampo Pharmaceuticals, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: SCMP
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
Ositanachi Otugo, et al. v. Sucampo Pharmaceuticals, Inc., et al.