NEW YORK, Oct. 06, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Raptor Pharmaceutical Corp. (“Raptor” or the “Company”) (Nasdaq:RPTP) in the United States District Court for the District of Delaware on behalf of current stockholders of Raptor, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that on September 12, 2016, Raptor and Horizon Pharma Public Limited Company (“Horizon”) announced a definitive agreement and plan of merger pursuant to which Horizon will acquire each outstanding common share of Raptor for $9 per share in cash (the “Merger”). While the 50-day ($6.52) and 200-day ($5.19) moving averages for Raptor stock were below the $9/share transaction price prior to the Merger’s announcement, a closer look reveals that previously, shares of Raptor had consistently traded at or above the $9/share mark since 2013.
The Complaint alleges that the proposed Merger fails to reflect Raptor’s true value. Analyst expectations, historical trading prices, Raptor’s recent results, and an exciting pipeline of products that are either in the market already and/or coming soon to market demonstrate that the Merger undervalues the Company. Significantly, as recently as April 12, 2016, Leerink Swann reaffirmed its Outperform rating on Raptor shares while setting an $11/share price target for Company stock. Further to this, the Company has grown global net revenue for PROCYSBI in no fewer than ten consecutive quarters, and the terrific launch of QUINSAIR in Europe during the last quarter – the first time that revenue from QUINSAIR has augmented revenue from PROCYSBI – has caused Raptor to revise upward its financial guidance for the remainder of 2016.
If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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