Cases
Raptor Pharmaceutical Corp. (NASDAQ : RPTP)
Securities Class Action
Overview
Overview
- Date:
- 1/1/2017
- Status:
- Closed/Complete
NEW YORK, October 7, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Delaware District Court on behalf of all persons or entities who held Raptor Pharmaceutical Corp. (NASDAQ: RPTP) securities on October 5, 2016 (the “Class Period”).
The Complaint alleges that on September 12, 2016, Raptor and Horizon Pharma Public Limited Company (“Horizon”) announced a definitive agreement and plan of merger pursuant to which Horizon will acquire each outstanding common share of Raptor for $9 per share in cash (the “Merger”). While the 50-day ($6.52) and 200-day ($5.19) moving averages for Raptor stock were below the $9/share transaction price prior to the Merger’s announcement, a closer look reveals that previously, shares of Raptor had consistently traded at or above the $9/share mark since 2013.
The Complaint alleges that the proposed Merger fails to reflect Raptor’s true value. Analyst expectations, historical trading prices, Raptor’s recent results, and an exciting pipeline of products that are either in the market already and/or coming soon to market demonstrate that the Merger undervalues the Company. Significantly, as recently as April 12, 2016, Leerink Swann reaffirmed its Outperform rating on Raptor shares while setting an $11/share price target for Company stock. Further to this, the Company has grown global net revenue for PROCYSBI in no fewer than ten consecutive quarters, and the terrific launch of QUINSAIR in Europe during the last quarter – the first time that revenue from QUINSAIR has augmented revenue from PROCYSBI – has caused Raptor to revise upward its financial guidance for the remainder of 2016.
If you held Raptor securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that on September 12, 2016, Raptor and Horizon Pharma Public Limited Company (“Horizon”) announced a definitive agreement and plan of merger pursuant to which Horizon will acquire each outstanding common share of Raptor for $9 per share in cash (the “Merger”). While the 50-day ($6.52) and 200-day ($5.19) moving averages for Raptor stock were below the $9/share transaction price prior to the Merger’s announcement, a closer look reveals that previously, shares of Raptor had consistently traded at or above the $9/share mark since 2013.
The Complaint alleges that the proposed Merger fails to reflect Raptor’s true value. Analyst expectations, historical trading prices, Raptor’s recent results, and an exciting pipeline of products that are either in the market already and/or coming soon to market demonstrate that the Merger undervalues the Company. Significantly, as recently as April 12, 2016, Leerink Swann reaffirmed its Outperform rating on Raptor shares while setting an $11/share price target for Company stock. Further to this, the Company has grown global net revenue for PROCYSBI in no fewer than ten consecutive quarters, and the terrific launch of QUINSAIR in Europe during the last quarter – the first time that revenue from QUINSAIR has augmented revenue from PROCYSBI – has caused Raptor to revise upward its financial guidance for the remainder of 2016.
If you held Raptor securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.