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Celator Pharmaceuticals Inc (NASDAQ:CPXX) Investor Lawsuit Over Alleged Wrongdoing In Acquisition By Jazz Pharmaceuticals plc Filed

  • If you purchased shares of Celator Pharmaceuticals Inc (NASDAQ:CPXX), you may have certain options. Please 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
Celator Pharmaceuticals Inc
Security
NASDAQ: CPXX

Case Name
Celator Pharmaceuticals Deal Case 06/30/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

July 1, 2016 (Shareholders Foundation) - An investor who currently holds shares of Celator Pharmaceuticals Inc (NASDAQ:CPXX), filed a lawsuit in effort to halt the proposed takeover of Celator Pharmaceuticals. by Jazz Pharmaceuticals plc for $30.25 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CPXX stockholders by agreeing to sell Celator Pharmaceuticals Inc too cheaply via an unfair process to Jazz Pharmaceuticals plc.

On May 31, 2016, Jazz Pharmaceuticals plc (Nasdaq: JAZZ) and Celator Pharmaceuticals Inc (NASDAQ:CPXX) announced that they have entered into an agreement for Jazz Pharmaceuticals to acquire Celator Pharmaceuticals Inc (NASDAQ:CPXX) for $30.25 per share in cash, or approximately $1.5 billion.

However, plaintiff claims that the proposed consideration NASDAQ:CPXX shareholders will receive is grossly inadequate and undervalues Celator Pharmaceuticals Inc. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:CPXX stockholder. The plaintiff alleges that the defendants agreed to deal protection devices, such as a no-solicitation, matching rigghts, and a $45.8 million termination fee provision, that are designed to prevent other potential bidders from challenging Jazz’s acquisition.