BOSTON (Legal Newsline) – A Massachusetts woman is suing to halt a pharmaceutical merger, claiming the merger is illegal and in violation of laws enacted by the Securities and Exchange Commission (SEC).
Chaile Steinberg filed a class action lawsuit, individually and on behalf of all others similarly situated, in the U.S. District Court for the District of Massachusetts on Aug. 16, against Aegerion Pharmaceuticals Inc., claiming the company is committing SEC violations in its proposed merger with QLT Inc. through its subsidiary Isotope Acquisition Corp.
According to the lawsuit, the defendant submitted misleading disclosures in forms filed with the SEC for the transaction. The plaintiff argues that the company’s registration statement is deficient and misleading and that it failed to disclose all necessary information related to the transaction. In doing so, the company is allegedly violating Section 14(a) and 20(a) of the Securities Exchange Act of 1934.
Steinberg seeks an enjoinment that stops the defendant from proceeding with the proposed transaction. Additionally, she seeks payment for the costs of this action, including attorneys’ fees and costs. Steinberg is represented by Mitchell J. Matorin of Matorin Law Office in Wellesley, Massachusetts.
U.S. District Court for the District of Massachusetts Case number 1:16-cv-11668-GAO