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Callisto Pharmaceuticals, Inc. (PINK:CLSP) Investor Files Lawsuit Against Directors In Connection With Synergy Pharmaceuticals Merger

  • If you are a current stockholder of Callisto Pharmaceuticals, Inc. (PINK:CLSP), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Callisto Pharmaceuticals, Inc.
Security
PINK: CLSP

Case Name
Callisto Pharmaceuticals Deal Case 08/10/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Aug. 10, 2012 (Shareholders Foundation) -- An investor in shares of Callisto Pharmaceuticals, Inc. (PINK:CLSP) filed a lawsuit against directors of Callisto Pharmaceuticals, Inc. in effort to stop the proposed takeover of Callisto Pharmaceuticals, Inc. by Synergy Pharmaceuticals Inc.
The plaintiff alleges that the defendants breached their fiduciary duties owed to investors in shares of Callisto Pharmaceuticals, Inc. (PINK:CLSP) by agreeing to a merger with Synergy Pharmaceuticals Inc. that would cancel the 40% stake Callisto Pharmaceuticals, Inc. currently holds in Synergy Pharmaceuticals.

On July 20, 2012, Synergy Pharmaceuticals Inc. (Nasdaq:SGYP) and Callisto Pharmaceuticals, Inc. (OTCBB:CLSP) announced that they have entered into a merger agreement pursuant to which Callisto Pharmaceuticals, Inc. will merge into Synergy Pharmaceuticals Inc.

Under the terms of the proposed transaction stockholders of Callisto Pharmaceuticals, Inc. (PINK:CLSP) will receive 0.17 shares of Synergy Pharmaceuticals Inc. common stock for each CLSP share they own.
Based on a closing price of NASDAQ:SGYP shares of $4.34 Callisto Pharmaceuticals, Inc. shareholders will receive about 0.7378 per share.
However, since July 20, 2012, NASDAQ:SGYP shares declined to as low as $3.69 per share on August 13, 2012. In addition, at least one analyst has set the high target price of CLSP shares at $3.00 per share.