Sun Pharma Defeats Taro Investor Suit Over Take-Private Deal

A Taro Pharmaceutical Industries Ltd. investor failed to adequately allege the generic drugmaker or its then-suitor Sun Pharmaceutical Industries Ltd. concealed material information before a shareholder vote approving their merger, a federal court ruled.

The investor didn’t show misstatements or omissions about financial adviser BofA Securities Inc.'s role or price calculation, the status of litigation involving Taro, or independent proxy adviser reports, Judge Cathy Seibel said Monday for the US District Court for the Southern District of New York. Seibel dismissed the proposed class action with finality.

Investor Neal Mitchell’s “strained interpretation of the Proxy Statement as leaving ...