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EMIS.US
id: 842, Created by Stan Vick, Scout
Emisphere (EMIS) and Novo Nordisk (NVO) Merger Case
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D. New Jersey
Court2:23-cv-20898
Case numberOn November 6, 2020, Novo Nordisk A/S announced the acquisition of Emisphere Technologies (EMIS). Under the terms of the agreement:
- $NVO acquired all outstanding $EMIS shares for $1.35 billion.
- Novo Nordisk also acquired related Eligen® SNAC royalty stream obligations owed to MHR Fund Management LLC (MHR), the largest shareholder of Emisphere, for $450 million.
- Consequently, the total acquisition price was $1.8 billion.
Given the longstanding and at times privileged relationships between $NVO and Emisphere's management, investors suspect that documents for the subsequent proxy voting on the merger deal might have contained misleading statements. As a result, $EMIS shareholders may not have received the best price for their shares during the deal.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 December 2020
Filing date
04 October 2023
Lead Plaintiff Deadline
04 December 2023
Judge
Hon. Susan D. Wigenton