Latest news with #SecuritiesViolations
Reuters
4 days ago
- Business
- Reuters
Court says hedge fund's mistake cost it chance to sue over failed Perrigo takeover
Aug 12 (Reuters) - Hedge fund Sculptor Asset Management missed its chance to sue healthcare products giant Perrigo for alleged securities violations and cannot now opt out of a $97 million class action settlement, a U.S. appeals court ruled on Tuesday. A three-judge panel of the 3rd U.S. Circuit Court of Appeals in Philadelphia said Sculptor Master Fund Ltd and a related fund were barred from opting out of the investor class action more than three years after a deadline came and went. 'Sculptor had the opportunity to opt out early in this litigation, but it failed to do so. Having made that mistake, it has to live with the consequences,' wrote, opens new tab Circuit Judge Cheryl Ann Krause, joined by Circuit Judges Paul Matey and Peter Phipps. The hedge fund had argued that its intent to pursue its own lawsuit was clear in the record of the litigation in the federal court in New Jersey. The panel upheld a lower judge's ruling against Sculptor. Sculptor and a lawyer representing it at law firm Quinn Emanuel did not immediately respond to requests for comment, and neither did Perrigo. Grand Rapids, Michigan-based Perrigo settled the shareholder class action for $97 million last year, resolving claims that it made misrepresentations and omissions between 2015 and 2017 in connection with a failed $26 billion takeover bid by drugmaker Mylan. Perrigo has denied any wrongdoing. Sculptor held about 2.6 million shares of Perrigo stock, owning 5 percent of the company, court records show. Class action rules can require companies or individuals to formally opt out of settlements if they want to try to sue individually to seek a better deal or a win at trial. A former lawyer for Sculptor in the case said in a court declaration that her firm, King & Spalding, did not receive the class action notice explaining the process for exclusion. Still, the attorney said she had asked an associate at the firm to mail a formal opt-out letter to exclude Sculptor from the class action. The attorney said she was unable to determine whether the letter was mailed or whether it was lost en route. In addition to arguing that the record in the case showed it clearly intended to opt out, Sculptor also told the court that its actions could be deemed 'excusable neglect.' Perrigo countered in a court filing that Sculptor 'had ample knowledge of a class action and were represented by sophisticated legal counsel.' The appeals court said Sculptor "bears the burden of its former counsel's mistakes." The case is Perrigo Institutional Investor Group et al v. Joseph C. Papa et al, 3rd U.S. Circuit Court of Appeals, No. 24-2861.
Associated Press
23-05-2025
- Business
- Associated Press
Kaplan Fox is Investigating Potential Securities Law Violations against UroGen Pharma Ltd. (URGN)
NEW YORK, NY - May 23, 2025 ( NEWMEDIAWIRE ) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against UroGen Pharma Ltd. ('UroGen' or the 'Company') (NASDAQ: URGN). CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION If you are a UroGen investor and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. On May 16, 2025, in advance of a meeting of the U.S. Food and Drug Administration's ('FDA') Oncologic Drugs Advisory Committee ('ODAC'), the FDA published the Combined FDA and Applicant ODAC Briefing Document concerning UroGen's new drug application ('NDA') for investigational drug UGN-102 (mitomycin) for intravesical solution for the treatment of recurrent of low-grade intermediate-risk non-muscle invasive bladder cancer ('Briefing Document'). The Briefing Document stated that 'the primary endpoints of complete response (CR) and duration of response (DOR) are difficult to interpret' as the Phase 3 ENVISION trial 'lacked a concurrent control arm.' The FDA stated that it was 'unclear whether the observed DOR can be attributed to the investigational product or instead reflects the natural history of the disease.' Following this news, the price of UroGen stock declined from a closing price on May 15, 2025 of $9.85 per share, to close at $7.31 per share on May 16, 2025, a decline of $2.54 per share, or nearly 26%, on heavy trading volume. Then, on May 21, 2025, the ODAC conducted a public meeting to discuss the NDA and then voted 4 to 5 that the benefit/risk of UGN-102 (mitomycin) for intravesical solution was favorable for the treatment of recurrent low-grade intermediate-risk non-muscle invasive bladder cancer. On May 21, 2025, the price of UroGen stock declined from a closing price on May 20, 2025 of $7.54 per share to close at $4.17 per share, a decline of $3.37 per share, or over 44%, on heavy trading volume. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. If you have any questions about this investigation, please contact: CONTACT: Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 [email protected] Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704 [email protected] Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
