Represented PLx Pharma Inc., a late-stage specialty pharmaceutical company, in its underwritten registered public offering of shares of common stock, worth approximately $71 million, on the Nasdaq Capital Market. PLx Pharma plans to use the net proceeds from the offering for general corporate purposes, including potential additions to working capital and capital expenditures, which also includes launching its new and recently FDA approved drug Vazalore, the first-ever liquid-filled aspirin capsule.
Repesented GlobalSCAPE, Inc. in its acquisition through a public tender offer by Help/Systems, LLC in 2020, representing aggregate consideration over $200 million (including repayment of indebtedness).
Olshan client PowerFleet, Inc., a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, launched a $25 million at-the-market offering with Canaccord Genuity LLC acting as sales agent.
- Olshan Represents I.D. Systems in Acquisition of Pointer Telocation Ltd. and Reorganization into PowerFleet, Inc.
Olshan represented I.D. Systems in its $140 million cash and stock acquisition of Pointer Telocation Ltd., an Israeli public company, and reorganization pursuant to which I.D. Systems and Pointer became wholly-owned subsidiaries of PowerFleet, Inc., a new public holding company dual-listed on the Nasdaq Global Market and the Tel Aviv Stock Exchange. In connection with the financing of the transaction, we also represented PowerFleet in a $55 million convertible note and preferred stock investment with affiliates of Abry Partners II.
Olshan’s litigation group prevailed before the Second Circuit in a significant case involving the application of Section 16’s short swing profit rule to hedge funds. The District Court ruled that the hedge fund was liable under Section 16 for $5 million in short swing profits on the theory that its delegation of investment authority over its portfolio to its registered investment advisor was ineffective.
Olshan's litigation group obtained a complete victory at trial on behalf of a long standing real estate client. The plaintiffs had invested with the client in a project that went into foreclosure after the makets crashed in 2008. The plaintiffs alleged a series of oral side deals, and also claimed that due to their lack of sophistication, the client owed them a fiduciary duty. They sought over $9 million after a three day bench trial, the court found for defendant, ruling that the plaintiffs' testimony was not credible.
Successfully convinced the First Department that the City of New York Human Resources Administration (HRA) has no authority to recoup funds provided to client People Care, Inc. by the New York State Department of Health pursuant to the Health Care Reform Act. T
- Olshan Secures Appellate Victory for Client and Requires Enforcement of International Loan Agreement
The First Department Appellate Division unanimously reversed the lower court’s trial decision and entered judgment in favor of Olshan’s clients to enforce an $8 million loan agreement and accompanying personal and corporate guarantees.