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MORF.US
id: 1301
Morphic Holding (MORF) Eli Lilly Merger Issues Case
N.D. California
Court3:24-cv-04486
Case number07/08/2024
Class period Start07/25/2024
Class period End09/24/2024
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