Karuna Therapeutics Inc. and its directors allegedly filed an incomplete proxy statement describing Bristol Meyers Squibb’s $14 billion proposed buyout of the company, says a shareholder suit seeking to block the merger.
The schizophrenia treatment drug-maker’s shareholders would receive $330 for each of their shares, but Karuna didn’t disclose key details including financial forecasts, potential conflicts of interest, or the data that adviser Goldman Sachs & Co LLC used to assess the deal’s fairness, according to the complaint filed Tuesday in US District Court for the District of Delaware.
Shareholders can’t cast informed votes to approve or deny the ...
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