Olshan Represents IsZo Capital in Delaware Class Suit Targeting $1.8B Sale of Biotech Company
Law 360 reported that Olshan client IsZo Capital filed a class action lawsuit against Emisphere Technologies Inc. seeking damages arising from a $1.8 billion sale of the biotechnology company to Novo Nordisk A/S under terms claimed to have unfairly benefited the company's controlling investor, MHR Fund Management and its affiliates. Prior to the merger, IsZo Capital was Emisphere’s largest unaffiliated shareholder. IsZo Capital is one of several parties seeking damages against MHR for allegedly “co-opting” the Board and forcing an “ill-timed” sale to Novo Nordisk at an “artificially low price,” according to the lawsuit. The Complaint further alleges that Emisphere’s Board breached its fiduciary duty by failing to ensure that the Special Committee ran a fair process or obtained a fair price. The former shareholders, including IsZo, filed a motion to consolidate all pending class action lawsuits, for IsZo to serve as Lead Plaintiff and for Olshan and co-counsel to serve as Lead Counsel. Adrienne Ward and Lori Marks-Esterman represent IsZo Capital in this matter.