Rigrodsky & Long, P.A. Files Class Action Suit Against Portola Pharmaceuticals, Inc.

Thursday, 18. June 2020 05:30

WILMINGTON, Del., June 17, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of Portola Pharmaceuticals, Inc. (“Portola” or the “Company”) (NASDAQ GS: PTLA) common stock in connection with the proposed acquisition of Portola by Alexion Pharmaceuticals, Inc. (“Alexion”) and Odyssey Merger Sub Inc. (“Merger Sub”) announced on May 5, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Portola, its Board of Directors (the “Board”), Alexion, and Merger Sub, is captioned Post v. Portola Pharmaceuticals, Inc., Case No. 1:20-cv-00715 (D. Del.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at https://www.rigrodskylong.com/cases-portola-pharmaceuticals-inc,join.

On May 5, 2020, Portola entered into an agreement and plan of merger (the “Merger Agreement”) with Alexion and Merger Sub. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Portola’s outstanding common stock for $18.00 in cash per share (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Solicitation/Recommendation Statement (the “Solicitation Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Solicitation Statement omits material information with respect to, among other things, the Company’s financial projections and the analyses performed by Portola’s financial advisor. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Portola common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than August 17, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.

Attorney advertising. Prior results do not guarantee a similar outcome.

CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
https://rl-legal.com

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