Emisphere (EMIS) and Novo Nordisk (NVO) Merger Case

The defendant has requested the court to dismiss the case.

D. New Jersey

Court

2:23-cv-20898

Case number

11/06/2020

Class period Start

12/08/2020

Class period End

12/04/2023

Lead Plaintiff motion deadline

On November 6, 2020, Novo Nordisk A/S announced the acquisition of Emisphere Technologies (EMIS). Under the terms of the agreement:

$NVO acquired all outstanding $EMIS shares for $1.35 billion.
Novo Nordisk also acquired related Eligen® SNAC royalty stream obligations owed to MHR Fund Management LLC (MHR), the largest shareholder of Emisphere, for $450 million.
Consequently, the total acquisition price was $1.8 billion.

Given the longstanding and at times privileged relationships between $NVO and Emisphere's management, investors suspect that documents for the subsequent proxy voting on the merger deal might have contained misleading statements. As a result, $EMIS shareholders may not have received the best price for their shares during the deal.

Case Status

Motion to dismiss

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

12/08/2020

Filing date

10/04/2023

Lead Plaintiff Deadline

12/04/2023

Judge

Hon. Susan D. Wigenton