Proteostasis Therapeutics, Inc. Securities Litigation
On or around 12/24/2020 (Notice of voluntarily dismissal)
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.
This case was voluntarily dismissed on December 24, 2020.
Company & Securities Information
Defendant: Proteostasis Therapeutics, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
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.
First Identified Complaint
Anthony Aniello, et al. v. Proteostasis Therapeutics, Inc., et al.
Class Action Complaint for: (1) Violation of Sec. 14(a) of the Securities Exchange Act of 1934 (2) Violation of Sec. 20(a) of the Securities Exchange Act of 1934 (3) Breach of Fiduciary Duties (4) Aiding and Abetting Breach of Fiduciary Duties
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available