Cascadian Therapeutics, Inc. Securities Litigation
On or around 10/22/2018 (Other)
Filing Date: February 13, 2018
According to the Complaint, Cascadian Therapeutics, Inc. ("Cascadian") is a clinical-stage biopharmaceutical company. Cascadian focuses on the development of therapeutic products for the treatment of cancer.
On January 31, 2018, Seattle Genetics, Inc. ("Seattle") and Cascadian announced that they had entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated January 30, 2018 to sell Cascadian to Seattle. Under the terms of the Merger Agreement, Seattle will acquire all outstanding shares tendered by Cascadian stockholders for $10.00 in cash per share of Cascadian’s common stock (the “Offer Price”).
On February 8, 2018, Cascadian filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Recommendation Statement”) with the SEC. The Complaint alleges that the Recommendation Statement, which recommends that Cascadian stockholders tender their shares in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Cascadian’s financial projections, relied upon by Cascadian’s financial advisor, Perella Weinberg Partners LP (“Perella”) in connection with rendering its fairness opinion; (ii) the valuation analyses in support the fairness opinion provided by Perella; and (iii) Cascadian insiders’ potential conflicts of interest.
This case was voluntarily dismissed as moot on April 16, 2018.
Company & Securities Information
Defendant: Cascadian Therapeutics, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: CASC
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
David Kim, et al. v. Cascadian Therapeutics, Inc., et al.