Myovant, Sumitomo Defeat Suit Over Skadden’s Alleged Conflicts

Myovant Sciences Ltd. and Sumitomo Pharma America Inc. defeated a lawsuit alleging they misled investors during their merger by falsely stating the law firm that negotiated the deal had no conflicts of interest.

The US District Court for the Southern District of New York said the proposed class action filed by Joseph Zappia failed to adequately allege a false or misleading statement, The court also said the alleged misstatements were public knowledge when the proxy statement was distributed.

Myovant filed its proxy statement in January 2023, and Sumitovant acquired the company in March.

Zappia sued in September and alleged Skadden, ...