Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 10/15/2020 (Date of last review)

Filing Date: October 14, 2020

According to the Complaint, Proteostasis Therapeutics, Inc. is a clinical stage biopharmaceutical company engaged in the discovery and development of novel therapeutics to treat cystic fibrosis.

Plaintiff brings this stockholder class action on behalf of himself and all other public stockholders of Proteostasis, Inc. for alleged violations of the Securities and Exchange Act of 1934 and for alleged breaches of fiduciary duty as a result of the Individual Defendants’ efforts to sell the Company to Yumanity Therapeutics, Inc.

On August 24, 2020, the Company issued a press release announcing the Proposed Transaction.

On September 23, 2020, Defendants caused to be filed the Registration Statement with the SEC in an effort to solicit stockholders to vote their Proteostasis shares in favor of the Proposed Transaction. The Complaint alleges that the Registration Statement omits and/or misrepresents material information concerning, among other things: (a) the sales process and in particular certain conflicts of interest for management; (b) the financial projections for Proteostasis and Yumanity, utilized in any financial analyses purporting to support the Proposed Transaction, if any; and (c) the data and inputs underlying the financial analyses purporting to support the Proposed Transaction performed by Proteostasis’s financial advisor.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PTI
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: S.D. New York
DOCKET #: 20-CV-08578
JUDGE: Hon. Edgardo Ramos
DATE FILED: 10/14/2020
CLASS PERIOD START: 08/24/2020
CLASS PERIOD END: 10/14/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available