Raptor Pharmaceutical Corp. (NASDAQ:RPTP) Investor Lawsuit Agaisnt Acquisition By Horizon Pharma plc Filed

If you purchased shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) and currently hold any of those NASDAQ:RPTP shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Raptor Pharmaceutical
Case Name: 
Raptor Pharmaceutical Deal Case 10/12/2016
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: RPTP
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
10/12/2016
Summary: 

October 12, 2016 (Shareholders Foundation) - An investor who currently holds shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP), filed a lawsuit in effort to halt the proposed takeover of Raptor Pharmaceutical Corp. by Horizon Pharma plc for $9.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RPTP stockholders by agreeing to sell Raptor Pharmaceutical Corp. too cheaply via an unfair process to Horizon Pharma plc.

On September 12, 2016, Horizon Pharma plc (NASDAQ:HZNP) and Raptor Pharmaceutical Corp. (NASDAQ:RPTP) announced the companies have entered into an agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) common stock for $9.00 per share in cash, for an implied fully diluted equity value of approximately $800 million.

However, plaintiff claims that the proposed consideration NASDAQ:RPTP shareholders will receive is grossly inadequate and undervalues Raptor Pharmaceutical Corp. Indeed, at least one analyst has set the high target price for NASDAQ:RPTP shares at $11.00 per share and NASDAQ:RPTP shares reached as high as $16.00 per share in June 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:RPTP stockholder. The plaintiff claims that the takeover agreement contains preclusive deal protection devices, such as a strict no solicitation, last look, and a $30 million termination fee provision, that deter other bidders from making a superior offer for Raptor Pharmaceutical Corp.