Rigrodsky & Long, P.A. Files Class Action Suit Against resTORbio, Inc.

Wilmington, Delaware, UNITED STATES


WILMINGTON, Del., July 16, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of resTORbio, Inc. (“resTORbio” or the “Company”) (NASDAQ GS: TORC) common stock in connection with the proposed merger of resTORbio and Adicet Bio, Inc. (“Adicet”) announced on April 29, 2020 (the “Complaint”).  The Complaint, which alleges violations of the Securities Exchange Act of 1934 against resTORbio, its Board of Directors (the “Board”), Adicet, and Project Oasis Merger Sub, Inc. (“Merger Sub”), is captioned Plumley v. resTORbio, Inc., Case No. 1:20-cv-00858 (D. Del.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at https://www.rigrodskylong.com/cases-restorbio-inc,join.

On April 28, 2020, resTORbio entered into an agreement and plan of merger (the “Merger Agreement”) with Adicet and Merger Sub.  The Merger Agreement provides for, among other things: (i) the merger of Adicet with and into Merger Sub, with Adicet surviving as a wholly-owned subsidiary of resTORbio; and (ii) the conversion of each share of Adicet capital stock into 0.8559 shares of resTORbio common stock (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a registration statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission.  The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Adicet’s financial projections. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of resTORbio common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than September 14, 2020.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.

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