Recent Securities Litigations
Patni Computer Systems Limited (NYSE: PTI)
According to the Complaint, Proteostasis Therapeutics, Inc. is a clinical stage biopharmaceutical company engaged in the discovery and development of novel therapeutics to treat cystic fibrosis.
Plaintiff brings this stockholder class action on behalf of himself and all other public stockholders of Proteostasis, Inc. for alleged violations of the Securities and Exchange Act of 1934 and for alleged breaches of fiduciary duty as a result of the Individual Defendants’ efforts to sell the Company to Yumanity Therapeutics, Inc.
On August 24, 2020, the Company issued a press release announcing the Proposed Transaction.
On September 23, 2020, Defendants caused to be filed the Registration Statement with the SEC in an effort to solicit stockholders to vote their Proteostasis shares in favor of the Proposed Transaction. The Complaint alleges that the Registration Statement omits and/or misrepresents material information concerning, among other things: (a) the sales process and in particular certain conflicts of interest for management; (b) the financial projections for Proteostasis and Yumanity, utilized in any financial analyses purporting to support the Proposed Transaction, if any; and (c) the data and inputs underlying the financial analyses purporting to support the Proposed Transaction performed by Proteostasis’s financial advisor.