WILMINGTON, Del. (Legal Newsline) – A stockholder of Kite Pharma is seeking to enjoin a proposed transaction because of an alleged violation of federal securities laws.
Simon Gordon filed a complaint on behalf of all others similarly situated on Sept. 7 in the U.S. District Court for the District of Delaware against Kite Pharma Inc., Arie S. Belldegrun, David Bonderman, Joshua A. Kazam, Owen N. Witte, Farah H. Champsi, Ian T. Clark, Roy Doumani, Franz Humer, Ran Nussbaum, Jonathan Peacock and Steven Ruchefsky citing the Securities Exchange Act of 1934.
According to the complaint, Kite Pharma announced Aug. 28 that it and Gilead Sciences Inc. entered into an agreement and plan of merger. Kite Pharma filed a Schedule 14D-9 with the Securities Exchange Commission in September. The plaintiff alleges that the 14D-9 is materially false and/or misleading because it does not disclose some financial information about the defendant.
The plaintiff requests a trial by jury and seeks enjoin the defendant, rescissory damages, all legal fees and any other relief as the court deems just. He is represented by Nadeem Faruqi of Faruqi & Faruqi LLP in New York and Michael Van Gorder of Faruqi & Faruqi LLP in Wilmington, Delaware.
U.S. District Court for the District of Delaware case number 1:17-cv-01281-UNA