Joe Berry, a shareholder, filed a complaint against Antares Pharma Inc., alleging the company and responsible individuals from their board of directors of violations of federal securities laws. The plaintiff is an owner of Antares common stock.
On April 13, Antares and Halozyme announced in a press release that Halozyme would acquire Antares for $5.60 per share in cash. On April 26, the defendant’s filed a Solicitation Statement in connection with the aforementioned proposed transaction. However, according to the complaint, the solicitation statement omits and/or misrepresents Antares’ financial projections and analyses, and potential conflicts of interest involving company insiders. Because of these omissions, the complaint proposes various key sections of the solicitation statement are false.
The complaint emphasizes the importance of transparency in the solicitation statement so that the defendant’s shareholders can make an informed decision as to whether to tender their shares.
The plaintiff seeks the following relief: pre-liminal and permanent injunction of defendants from proceeding and closing the proposed transaction until the defendants disclose all pertinent information, rescission of the proposed transaction if it is completed, a declaration the defendants violated sections of the exchange act, and an award of reasonable costs to the plaintiff.
The plaintiff is represented by Halper Sadeh LLP.