On or around 01/23/2019 (Date of last review)
Filing Date: January 15, 2019
According to the Complaint, Avenue Therapeutics, Inc. ("Avenue" or the "Company") is a specialty pharmaceutical company that acquires, licenses, develops, and commercializes products primarily for use in the acute/intensive care hospital setting.
On November 13, 2018, Avenue and InvaGen Pharmaceuticals Inc. issued a joint press release announcing they had entered into a Stock Purchase and Merger Agreement dated November 12, 2018 to sell Avenue to InvaGen in a two-stage transaction.
On December 21, 2018, Avenue filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) with the SEC. The Complaint alleges that the Proxy Statement, which recommends that Avenue stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Avenue’s financial projections, relied upon by the Company’s financial advisor in its financial analyses, which are wholly omitted from the Proxy Statement; (ii) the data and inputs underlying the financial valuation analyses that support the fairness opinion provided by the Company's financial advisor; (iii) the background process leading to the Proposed Transaction; (iv) the financial advisor’s potential conflicts of interest; and (v) potential conflicts of interest faced by Company insiders.
Company & Securities Information
Defendant: Avenue Therapeutics, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: ATXI
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
Stephen Bushansky, et al. v. Avenue Therapeutics, Inc., et al.