A Myovant Sciences Ltd. investor failed to adequately allege a conflict of interest in need of disclosure when Skadden, Arps, Slate, Meagher & Flom LLP advised Myovant on its deal to be bought out by Sumitovant Biopharma Ltd., the Second Circuit said Thursday, affirming dismissal of the investor’s lawsuit.
The amended complaint makes no allegations that Skadden or any Sumitomo Group entity it represents has a direct relationship with Sumitovant or its parent, , said the US Court of Appeals for the Second Circuit. The investor, instead, alleged far more attenuated connections that are “still multiple corporate layers of ...
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