BATON ROUGE – A shareholder is seeking to enjoin a vote on a pharmaceutical company's proposed merger until information has been released.
Shaun A. House, individually and on behalf of all others similarly situated filed a complaint on June 12 in the U.S. District Court for the Middle District of Louisiana against Akorn Inc., Kenneth S. Abramowitz, Adrienne L. Graves, Ronald M. Johnson, et al. alleging that they failed to comply with the Securities Exchange Act.
According to the complaint, in April, the defendants entered into an agreement and plan of merger with Fresenius Kabi AG and Quercus Acquisition. The plaintiff alleges that in May, the defendants authorized the filing of a materially incomplete and misleading proxy statement and also have allegedly failed to disclose certain material information to shareholders to assess the fairness of the proposed merger.
The plaintiff requests a trial by jury and seeks an order declaring this action as a class action and certifying plaintiff as class representatives and his counsel as class counsel, enjoining defendants from consummating with the proposed merger, award for all damages, costs and disbursements of this action and all further relief as the court deems just and proper. He is represented by Juan E. Monteverde of Monteverde & Associates PC in New York and Lewis Kahn of Kahn Swick & Foti LLC in Madisonville.
U.S. District Court for the Middle District of Louisiana case number 3:17-cv-00367