Morphic Holding (MORF) Eli Lilly Merger Issues Case

N.D. California

Court

3:24-cv-04486

Case number

07/08/2024

Class period Start

07/25/2024

Class period End

09/24/2024

Lead Plaintiff motion deadline

$MORF stockholder filed a claim against Morphic Holding to block its merger with Lilly until issues are fixed or, if it proceeds, to seek damages for losses.
Morphic investors can join this case to be notified about potential recovery.
Case details:

On July 8, 2024, Morphic and Lilly announced a merger agreement.

On July 19, 2024, Lilly began a tender offer to buy Morphic, which will be finalized on August 15, 2024, making Morphic a part of Lilly.

After that, Morphic filed a misleading Recommendation Statement with the SEC, falsely advising Morphic shareholders to tender their shares:
The Statement notes that Nanda, employed by Lilly, missed the Board’s discussions, but it overlooks the conflict of interest from Lilly’s ties with Polaris, where Nashat is an executive partner.
On July 5, 2024, Evercore disclosed its ties to Lilly, but the Statement does not clarify if Evercore worked for or was paid by Lilly in the past two years.
Based on these events, a $MORF stockholder filed a claim to block the tender offer and merger until issues are resolved or, if the merger proceeds, to seek damages for losses.

Case Status

Voluntary Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

07/19/2024

Filing date

07/25/2024

Lead Plaintiff Deadline

09/24/2024

Judge

Hon. James Donato

Morphic Holding (MORF) Eli Lilly Merger Issues Case

Collecting participants…