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Sunday, October 20, 2019

Allergan stockholder alleges company did not release all needed information for vote on AbbVie transaction

Federal Court

By Carrie Bradon | Oct 8, 2019


NEWARK, N.J. (Legal Newsline) – A stockholder is suing a pharmaceutical company over allegations it did not release all of the information stockholders need to vote on a proposed transaction with another company.

Yuanlan Swei, on behalf of herself and all others similarly situated, filed a complaint on Sept. 20 in the U.S. District Court for the District of New Jersey against Allergan PLC and its board of directors, alleging violation of the U.S. Securities and Exchange Commission.

The plaintiff is a stockholder of Allergen's and is filing the class action lawsuit in connection with a transaction agreement that the defendant and AbbVie entered into on June 25. The suit states pursuant to the merger agreement, each Allergen stockholder was to receive $120.30 in cash for each ordinary share.

The defendants filed a definitive proxy statement on Sept. 16 that recommended stockholders vote in favor of the proposed transaction, the suit states, but the defendants allegedly omitted information that the plaintiff and other stockholders require in order to vote fairly. 

The plaintiff is seeking a trial by jury, to enjoin the transaction until the information is disseminated to stockholders, attorneys' fees, court costs, interest and just relief. The plaintiff is represented by Aaron Rubin of Rubin & Mendlowitz LLC in Brick, New Jersey.

U.S. District Court for the District of New Jersey case number 2:19-cv-18166

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