Prickett Jones Obtains Material Disclosures for Ambry Stockholders in $1 Billion Transaction, Correcting “Botched” Information Statement
January 8, 2019
Prickett Jones attorneys, Clayton Athey, Elizabeth McGeever and Samuel Closic, in an action on behalf of a class of Ambry Genetics Corp. stockholders, were found to have conferred a “significant and substantial benefit” in an action that resulted in Ambry issuing a 26-page supplemental information statement to the Company’s stockholders in connection with the Company’s 2017 acquisition by Konica Minolta, valued at nearly $1 billion.
Prickett Jones challenged the transaction after Ambry failed to provide stockholders with material information as required by Delaware law, including (i) financial projections, (ii) financial analyses supporting the fairness opinion from the Company’s financial advisor, (iii) the financial advisor’s compensation, (iv) details concerning the guarantee of post-transaction employment provided to the Company’s CEO during negotiations with Konica, and (v) information concerning the Company’s outreach efforts.
Characterizing Ambry’s initial disclosures as “botched” and certain of the Company’s omissions as “egregious,” Chancellor Andre Bouchard commended Prickett Jones for the results it achieved on behalf of Ambry’s stockholders.