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Case Status:    DISMISSED    
On or around 07/02/2020 (Notice of voluntarily dismissal)

Filing Date: May 28, 2020

According to the Complaint, Portola Pharmaceuticals, Inc. is a global, commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic conditions.

This action stems from a proposed transaction announced on May 5, 2020, pursuant to which Portola Pharmaceuticals, Inc. will be acquired by Alexion Pharmaceuticals, Inc. (“Parent”) and Odyssey Merger Sub Inc. (“Merger Sub,” and together with Parent, “Alexion”).

On May 5, 2020, Portola’s Board of Directors caused the Company to enter into an agreement and plan of merger with Alexion. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Portola’s outstanding common stock for $18.00 in cash per share. The Tender Offer is set to expire on July 1, 2020.

On May 27, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading. Specifically, the Complaint alleges the Solicitation Statement fails to disclose, for each set of projections: (i) all line items used to calculate unlevered free cash flow; and (ii) a reconciliation of all non-GAAP to GAAP metrics.

This case was voluntarily dismissed on July 2, 2020.


Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States


Ticker Symbol: PTLA
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.
COURT: D. Delaware
DOCKET #: 20-CV-00715
JUDGE: Hon. Colm F. Connolly
DATE FILED: 05/28/2020
CLASS PERIOD END: 05/28/2020
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available