According to the Complaint, Medidata leads the digital transformation of life science, with the world’s most used
platform for clinical development, commercial, and real-world data. Powered by artificial intelligence and delivered by top-ranked industry experts, the Company helps pharmaceutical, biotech, medical device companies, and academic researchers accelerate value, minimize risk, and optimize outcomes.
This action stems from a proposed transaction announced on June 12, 2019, pursuant to which Medidata Solutions, Inc. will be acquired by Dassault Systèmes SE.
On June 11, 2019, Medidata’s Board of Directors caused the Company to enter into an agreement and plan of merger with Dassault. Pursuant to the terms of the Merger Agreement, Medidata’s stockholders will receive $92.25 in cash for each share of Medidata common stock they own.
On July 19, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction, which scheduled a stockholder vote on the Proposed Transaction for August 16, 2019. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.