According to the Complaint, Aimmune Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes product candidates for the treatment of peanut and other food allergies.

On August 31, 2020, Aimmune issued a press release announcing the Proposed Transaction. The terms of the Proposed Transaction were memorialized in an August 30, 2020, filing with the Securities and Exchange Commission ("SEC") on Form 8-K attaching the definitive Agreement and Plan of Merger (the "Merger Agreement"). Under the terms of the Merger Agreement, a subsidiary of Sociétés des Produits Nestlé S.A. ("Parent") will commence a tender offer to acquire all of the outstanding shares of Aimmune's common stock at a price of $34.50 per share in cash.

On September 14, 2020, Aimmune filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Recommendation Statement") with the SEC in support of the Proposed Transaction. The Complaint alleges that the Proposed Transaction is unfair and undervalued for a number of reasons. The Complaint further alleges that the Recommendation Statement omits and/or misrepresents material information concerning, among other things: (a) the sales process leading to the Proposed Transaction; (b) the financial projections for Aimmune, provided by Aimmune to the Independent Board Members' financial advisors; and (c) the data and inputs underlying the financial valuation analyses, if any, that purport to support the fairness opinions from the financial advisors to the Independent Board Members.